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Question 30 Chapter 8 of +2-Part-1
30. (Forfeiture before Final Call) Raxon Company forfeited 500 shares of Rs. 10 each issued at 10% premium. Application money Rs. 4 (including premium) has been received. Allotment 3 has not been received. Final call has not been made pass forfeiture entry.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| A) | Share capital A/c | Dr. | 3,000 | ||
| To Share Forfeited A/c | 1,500 | ||||
| To Calls in arrears A/c | 1,500 | ||||
| (Being 500 shares forfeited , allotment money not received @ Rs. 3 per share ) | |||||
It all about Question 30 Chapter 8 of +2-Part-1, If you have any problem please comment below.
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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.
This guide covers "Question 30 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
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