100 shares of Rs.10 each which are fully called up are forfeited due to non-payment of final call money of Rs.4 per share. These shares are reissued at Rs.7 per share as fully paid up. The Journal entry on reissue will be__________

Question

Examsnet · Accepted Answer

Correct Answer is :  Bank A/c Dr. 7O0  Share forfeited A/c Dr. 300  To Share capital A/c 1,000

CA CPT June 2019 Question Paper Fundamentals of Accounting for online practice