88 :- CV Ltd. forfeited 200 shares of Rs 10 each issued at a premium of Rs 2 per share for the non-payment of allotment money of Rs 3 per share (including premium). The first and final call of Rs 4 per share has not been made as yet. 50% of the forfeited shares were reissued at Rs 8 per share as fully paid-up. Pass necessary Journal entries for the forfeiture and reissue of shares.
89 :- Pass necessary Journal entries in the books of the company for the following transactions.
Vishesh Ltd. forfeited 1,000 Equity Shares of Rs 10 each issued at a premium of Rs 2 per share for non-payment of allotment money of Rs 5 per share including premium. shares 800 shares were reissued at Rs 12 per share as fully paid up. The remaining shares were reissued at Rs 11 per share fully paid-up.
90 :- Gaurav applied for 5,000 shares of Rs 10 each at a premium of 2.50 per share. But he was allotted 2,500 shares on pro rata basis. After having paid Rs 3 per share on application, he did not pay allotment money of Rs 4.50 per share (including premium) and on his sebsequent failure to pay the first call of Rs 2 per share, his share were forfeited. These shares were reissued at the rate of Rs 8 per share credited as fully paid.
Pass Journal entries to record the forfeiture and reissue of shares.
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91 :- Amal had applied for 7,000 shares of Rs 10 each at a premium of Rs 5 per share. He was allotted 4,000 shares on pro rata basis. After having paid Rs 3 per share on application, he did not pay allotment money of Rs 7 per share (including premium) and on his subsequent failure to pay the first call of Rs 3 per share, his shares were forfeited. Calls not received were transferred to Calls-in-Arrears Account. These shares were reissued at the rate of Rs 8 per share credited as fully paid.
Pass Journal entries to record the forfeiture and reissue of shares.