A company forfeited 10 shares of rs 10 each (rs 6 called up) ,issued at a discount of 10% to A on which he paid rs 2 per share. Out of these rs 8 shares were reissued to B at rs 8 called up for rs 6 per share. Pass journal entries

A company forfeited 10 shares of rs 10 each (rs 6 called up) ,issued at a discount of 10% to A on which he paid rs 2 per share. Out of these rs 8 shares were reissued to B at rs 8 called up for rs 6 per share. Pass journal entries

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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