Rustam Ltd. forfeited 500 shares of ₹ 100 each, ₹ 70 called up, on which the shareholder had paid application money of ₹ 30 per share only. These shares were subsequently reissued at ₹ 60 per share as ₹ 70 paid up. Pass
CS CSEET · Fundamentals of Accounting · PYQS · June 2026
Rustam Ltd. forfeited 500 shares of ₹ 100 each, ₹ 70 called up, on which the shareholder had paid application money of ₹ 30 per share only. These shares were subsequently reissued at ₹ 60 per share as ₹ 70 paid up. Pass journal entries for forfeiture and reissue with narrations.
Topics: Company Accounts
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