ILLUSTRATION 1 out of 10 (Forfeiture of shares in different cases) Jugnoo Limited issued 3,000 equity shares of $10 each payable as under. $3 on Application $1 on Allotment $1 on First Call$2 on Second Call and the balance when required. Mr. A, was allotted 90 equity shares. Give the necessary journal entries for forfeiture in following cases:CASE 1: - If Mr. A, failed to pay allotment money and his shares were forfeited.CASE 2: If Mr. A, failed to pay allotment money and on subsequent failure to pay first call, his shares were forfeited.CASE 3: If Mr. A, failed to pay allotment and first call money and his subsequentfailure to pay second call, his shares were forfeited. Pass necessary journal entries for forfeiture in each of the above cases.

ILLUSTRATION 1 out of 10 (Forfeiture of shares in different cases) Jugnoo Limited issued 3,000 equity shares of $10 each payable as under. $3 on Application $1 on Allotment $1 on First Call$2 on Second Call and the balance when required. Mr. A, was allotted 90 equity shares. Give the necessary journal entries for forfeiture in following cases:CASE 1: - If Mr. A, failed to pay allotment money and his shares were forfeited.CASE 2: If Mr. A, failed to pay allotment money and on subsequent failure to pay first call, his shares were forfeited.CASE 3: If Mr. A, failed to pay allotment and first call money and his subsequentfailure to pay second call, his shares were forfeited. Pass necessary journal entries for forfeiture in each of the above cases.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1CP: Prepare general journal entries for the following transactions, identifying each transaction by...

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