Question - 48 (A)

Y Ltd. issued 10,000 equity shares of Rs. 10 each to the public amount payable at Rs. 2 on application, Rs. 3 on allotment and Rs. 5 on first & final call Mr. Mahesh who hold 800 shares did not pay first & final call his shares were forfeited by directors and out of these forfeiture shares 600 sahres were reissued as fully paid on payment of Rs. 8 per shares.

Give journal entries for forfeiture and reissue of shares.


Question - 48 (B)

A company forfeited 30 shares of Rs. 10 each, Rs. 8 per share called up on which X had paid application and allotment money of Rs. 6 per shares 25 shares were reissued to Y as fully paid up for Rs. 7 per share Pass necessary journal entries.

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