Z Ltd., forfeited 1,200 shares of Rs. 100 each, issued at a premium of 30% to Dinesh on which he had paid application money of Rs. 50 per share and allotment money of Rs. 50 per share (including premium), for non-payment of a first call of Rs. 10 per share. Out of these, 500 shares were re-issued as fully paid for Rs. 105 per share. Journalise.

Z Ltd. forfeited 700 shares of Rs. 100 each, issued at a premium of 30% to Ghanshyam on which he had paid application money of Rs. 35 per share, for non-payment of allotment money of Rs. 50 per share (including premium) and first call of Rs. 15 per share. Out of these, 400 shares were re-issued as Rs. 70 paid-up for Rs. 65 per share. Journalise.

C Ltd. forfeited 300 shares of Rs. 10 each issued at 20% premium (to be paid at the time of allotment) for non-payment of allotment money of Rs. 4 per share (including premium), first call of Rs. 3 per share and final call of Rs. 2 per share. Out of these, 200 shares were re-issued as fully paid-up at a discount of Rs. 3 per share. Journalise.

X Ltd. forfeited 100 shares of Rs. 10 each (Rs. 8 called-up) issued at a premium of Rs. 2 per share to Mr. R, on which he had paid application money of Rs. 5 per share, for non-payment of allotment money of Rs. 5 per share (including premium) . Out of these, 70 shares were reissued to Mr. Sanjay as Rs. 8 called-up for Rs. 7 per share. Give necessary Journal entries relating to forfeiture and reissue of shares.

Give journal entries for forfeiture and re-issued of shares : (i) A Ltd. forfeited 1,000 shares of rs. 10 each, Rs. 7 called up, issued at a premium of 20% (to be paid at the time of allotment) for non-payment of a first call of Rs. 2 per share. Out of these, 600 shares were re-issued as Rs. 7 paid up for Rs. 4 per share. (ii) B Ltd. forfeited 1,000 shares of Rs. 10 each, Rs. 7 called up, issued at a premium of 20% (to be paid at the time of allotment) for no-payment of allotment money of Rs. 4 per share (including premium) and first call of Rs. 2 per share. Out of these, 600 shares were re-issued as fully paid in such a way that Rs. 900 were transferred to capital reserve.

Give journal entries for forfeiture and re-issued of shares : (a) X Ltd. Forfeited500 shares of Rs. 100 each, Rs. 75 called-up, issued at 10% premium (to be paid at the time of allotment) for non-payment of a first call of Rs. 20 per share. Out of these, 200 shares were re-issued as Rs. 75 paid-up for Rs. 60 per share. (b) X Ltd. forfeited 300 shares of Rs. 100 each. Rs. 75 called-up, issued at 10% premium (to be paid at the time of allotment) for non-payment of allotment money of Rs. 30 per share (including premium) and first call of Rs. 20 per share Out of these, 100 shares were re-issued as fully paid-up in such a way tha Rs. 3, 100 were transferred to capital reserve.

A Ltd. forfeited 800 shares of Rs. 10 each issued at 20% premium (to be paid at the time of allotment) for non-payment of a final call of Rs. 2 per share. Out of these, 600 shares were re-issued as fully paid-up for Rs. 13 per share. Journalise.

(Forfeiture of Shares issued at Premium and Reissued at Discount). A Ltd. forfeited 600 Equity Shares of Rs. 10 each issued at a premium of 20% to Ram who had applied for 720 Equity Shares, for non-payment of allotment money of Rs. 5 per equity share (including premium) and the first and final call of Rs. 5 per equity share. Out of these, 200 Equity Shares were reissued to Shyam credited as fully paid for Rs. 9 per equity share. As per the terms of issue, company was to retain the excess application money to adjust against calls. Pass Journal entries to record forfeiture and reissue of shares.

Journalise the following : (a) Y Ltd. forfeited 400 shares of Rs. 100 each, issued at a premium of Rs. 5 per share (to be paid at the time of allotment) for non-payment of a first call of Rs. 2 per share. The second and final call of Rs. 20 has not yet been called. Out of these, 100 shares were re-issued on fully paid-up for Rs. 110 per share. (b) Y Ltd. forfeited 700 shares of Rs. 100 each, issued at a premium of Rs. 5 per share for non-payment of allotment money of Rs. 35 per share (including premium) and first call of Rs. 20 per share. The second and final call of Rs. 20 has not yet been called. 500 of these shares were re-issued as Rs. 80 paid-up for Rs. 92 per share.

Give journal entries for forfeiture and re-issue of shares : (a) C Ltd. forfeited 800 shares of Rs. 10 each, issued at 30% premium (to be paid at the time of allotment) for non-payment of a first call of Rs. 2 per share. The second and final call of Rs. 2 has not yet been called. Out of these, 200 shares were re-issued as Rs. 8 paid up for Rs. 8 per share. (b) D Ltd. forfeited, 800 shares of Rs. 10 each, issued at 30% premium for non-payment of allotment money of Rs. 5 per share (including premium) and first call of Rs. 2 per share. The second and final call of Rs. 2 has not yet been called. Out of these, 200 shares re-issued as fully paid up for Rs. 11 per share. (c ) Y Ltd. forfeited 1,000 shares of Rs. 10 each issued at 10% premium to Shyam (Rs. 9 called up) on which he did not pay Rs. 3 of allotment (including premium) and first call of Rs. 2. Out of these, 600 shares were re-issued to Ram as fully paid up for Rs. 8 per share and 200 shares to Dham as fully paid up @ Rs. 12 at different intervals of time.

(Forfeiture of Shares Issued at Premium, Reissued at Discount). ABC Ltd. forfeited 150 Equity Shares of Rs. 10 each issued at a premium of Rs. 5 per share, for non-payment of allotment money of Rs. 8 per share (including premium of Rs. 5 per share), the first call of Rs. 2 per share and the final call of Rs. 3 per share. Out of these, 100 Equity Shares were reissued at Rs. 14 per share. Give Journal entries the forfeiture and reissue of shares.