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A company forfeited 50 shares of 10 each issued at a premium of 10% for nonpayment of the final call

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A company forfeited 50 shares of ₹10 each issued at a premium of 10% for nonpayment of the final call of ₹3 per share. Out of these, 35 shares were re-issued at ₹8peer share as fully paid up. Pass journal entries for forfeiture and re-issue.

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To record the forfeiture of 50 shares issued at a premium of 10 for nonpayment of the final call of 3 per share and the subsequent re issue of 35 shar…View the full answer


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Related Book For  answer-question
Corporate Accounting

Corporate Accounting

ISBN: 9789353160739

1st Edition

Authors: Anita Raman, P. Radhika

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Question Details
Chapter # 1- ISSUE, FORFEITURE, AND RE-ISSUE OF SHARES,,
Section: EXERCISES AND PROBLEMS
Problem: 12
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Question Posted: August 30, 2023 06:25:30
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