Illustration 30 X Ltd., forfeited 100 equity shares of 10 each ( 6 called up) issued...

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Illustration 30 X Ltd., forfeited 100 equity shares of 10 each ( 6 called up) issued at a discount of 10% to Naina on which she had paid 2 per share. Out of the shares forfeited, 80 shares were reissued to Meena at 8 called up, for 6 per share. Give journal entries to record forfeiture and reissue of shares. Solution Illustration 30 X Ltd., forfeited 100 equity shares of 10 each ( 6 called up) issued at a discount of 10% to Naina on which she had paid 2 per share. Out of the shares forfeited, 80 shares were reissued to Meena at 8 called up, for 6 per share. Give journal entries to record forfeiture and reissue of shares. Solution