Subject: Accountancy, asked on 10/9/15

Subject: Accountancy, asked on 23/10/13

Subject: Accountancy, asked on 12/9/12

Subject: Accountancy, asked on 2/9/17

Q. Pass journal entries for the forfeiture and re-issue in the following cases : 
(i) A Ltd. forfeited 100 shares of Rs. 10 each fully called-up for non-payment of first call of Rs. 3 per share and final call of Rs. 3 per share. All of these shares were re-issued as fully paid for Rs. 10 per share.
(ii) B Ltd. forfeited 400 shares of Rs. 10 each fully called-up for non-payment of final call of Rs. 3 per share. 300 of these shares were re-issued as fully paid for Rs. 8 per share.
iii) C Ltd. forfeited 700 shares of Rs. 10 each fully called-up on which the holder has paid application money @Rs. 3 and allotment money@ Rs. 2 per share. Out of these, 600 shares were re-issued as fully paid@ Rs. 7 per share. 
iv) D Ltd. forfeited 1,000 shares of Rs. 10 each fully called-up on which the holder has paid only the application money @ Rs 3 per share. Out of these, 600 shares were re-issued at 10.50 per share, fully paid up. 


Q. 39. Pass journal entries for the forfeiture and re-issue in the following cases : 
(a) X Ltd. forfeited 700 shares of Ashok of Rs. 10 each Rs. 8 called-up, on which he had paid Rs. 5 per share. Out of these, 500 shares were re-issued for Rs 9 per share as fully paid. 
(b) Y Ltd. forfeited 400 shares of Rs. 10 each, Rs. 6 called-up, for non-payment of first call of Rs. 2 per share. Out of these, 300 shares were immediately re-issued at Rs. 5 per share. 
(c) Z Ltd. forfeited 300 shares of Rs. 100 each on which first call of Rs. 20 per share was not received, the second and final call of Rs. 30 per share has not yet been called. Out of these, 200 shares were re-issued as Rs 70 paid-up for Rs.55 per share.

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