Question - 52

'X' Ltd. forfeited 150 equity shares of Rs. 10 each, issued at a premium of Rs. 5 per share, held by shyam for non-payment of allotment money of Rs. 8 per share (including share premium Rs. 5 per share), first call of Rs. 2 per share and the final call of Rs. 3 per share out of these 100 equity sahres were reissed to Bhajan Lal at Rs. 14 per share give journal entries regarding forfeiture and reissue.

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