65 :- Max Ltd. Forfeited 500 shares of Rs 100 each for non-payment of first call of Rs 20 per share and final call of Rs 25 per share. 250 of these shares were reissued at Rs 50 per share fully paid up.
Pass the necessary Journal entries in the books of Max Ltd. For forfeiture and reissue of shares. Also prepare the Share Forfeiture Account.
Solution :-
