Amit holds 20 shares of Rs. 10.00 each on which he had paid Rs. 2.00 per...

  

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Amit holds 20 shares of Rs. 10.00 each on which he had paid Rs. 2.00 per share on application but could not pay Rs. 3.00 per share on allotment and Rs. 1.00 per share on first call. The journal entry to record the forfeiture of these shares is: A B Dr.Rs. Cr.Rs. Share Capital Account 120 Share Forfeiture Account 120 Dr.Rs. Cr.Rs. Share Capital Account Share allotment and calls 200 80 Share Forfeiture Account 120 C D Share Capital Account Share Forfeiture Account Share Capital Account Share Forfeiture Account Share allotment account Share first call account Dr.Rs. Cr.Rs. 40 40 Dr.Rs. Cr.Rs. 120 40 60 20 Amit holds 20 shares of Rs. 10.00 each on which he had paid Rs. 2.00 per share on application but could not pay Rs. 3.00 per share on allotment and Rs. 1.00 per share on first call. The journal entry to record the forfeiture of these shares is: A B Dr.Rs. Cr.Rs. Share Capital Account 120 Share Forfeiture Account 120 Dr.Rs. Cr.Rs. Share Capital Account Share allotment and calls 200 80 Share Forfeiture Account 120 C D Share Capital Account Share Forfeiture Account Share Capital Account Share Forfeiture Account Share allotment account Share first call account Dr.Rs. Cr.Rs. 40 40 Dr.Rs. Cr.Rs. 120 40 60 20

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