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Question 28 Chapter 8 of +2-Part-1
28.(Forfeiture of Shares) Rajan was allotted 150 shares of Rs. 100 each by Duplex Company. He could not pay first call of Rs. 25 and final call of Rs. 15 on his shares, consequently, his shares were forfeited.
Pass entry for the forfeiture.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| A) | Share capital A/c (150X 100) | Dr. | 15,000 | ||
| To Share Forfeited A/c | 9,000 | ||||
| To Calls in arrears A/c (150 X 40) | 6,000 | ||||
| (Being forfeiture of 150 shares for non payment of first call & final call money ) | |||||
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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