Vivek holds 30 shares of Rs. 10.00 each at a premium of 10%. He paid Rs....

 

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Vivek holds 30 shares of Rs. 10.00 each at a premium of 10%. He paid Rs. 2.00 per share on application. Rs. 3.00 per share on allotment (including premium) but could not pay the first call of Rs. 2.00 per share. his shares are forfeited. The journal entry to record forfeiture is : B D Dr.Rs. Dr.Rs. Share Capital Account Share premium account 150 Share Forfeiture Account 30 Share first call account 120 60 Dr.Rs. Cr.Rs. Share Capital Account Share Forfeiture Account180 120 Share first call account 60 Share Capital Account Share Forfeiture Account Dr.Rs. Cr.Rs. Share Capital Account Share Forfeiture Account 210 150 Share first call account 60 Dr.Rs. Cr.Rs. 150 150 Vivek holds 30 shares of Rs. 10.00 each at a premium of 10%. He paid Rs. 2.00 per share on application. Rs. 3.00 per share on allotment (including premium) but could not pay the first call of Rs. 2.00 per share. his shares are forfeited. The journal entry to record forfeiture is : B D Dr.Rs. Dr.Rs. Share Capital Account Share premium account 150 Share Forfeiture Account 30 Share first call account 120 60 Dr.Rs. Cr.Rs. Share Capital Account Share Forfeiture Account180 120 Share first call account 60 Share Capital Account Share Forfeiture Account Dr.Rs. Cr.Rs. Share Capital Account Share Forfeiture Account 210 150 Share first call account 60 Dr.Rs. Cr.Rs. 150 150

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