Question - 42 (A)

Santosh was holding 50 shares of Rs. 10 each on which he paid, Rs. 3 on application, Rs. 2 on allotment but could not pay, Rs. 3 on first call. directors forfeited his shares.

Make journal entires for forfeiture of shares.


Question - 42 (B)

Manisha was holding 100 shares at Rs. 20 each of X Ltd. issued at par she paid Rs. 4 on application, Rs. 5 on allotment, Rs. 5 on first call but could not pay, Rs. 6 on final call.

Her shares were forfieture. Give journal entry regarding forfeiture of shares.


Question - 42 (C)

Mohan held 100 shares of Rs. 10 each on which he had paid Rs. 2 on application and Rs. 3 on allotment but he could not pay call amount @ Rs. 5 per share the directors forfeited his shares. pass journal entry regarding forfeiture in the books of the company.

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