Prayuj Ltd. forfeited 2,000 shares of Rs. 10 each, fully called up, on which they had received only Rs. 14,000. 50 of the forfeited shares were reissued for Rs. 9 per share fully paid up.
Pass necessary journal entries for forfeiture and re-issue of shares. Also prepare share forfeited account.
Marks-4, CBSE:2016-17/Comp-DL/Q-12