Super Star Ltd. makes an issue of 10,000 Equity Shares of Rs. 100 each, payable as: `{:("On application and allotment"," Rs. 50 per share,"),("On firs

Monjur Alahi

Super Star Ltd. makes an issue of 10,000 Equity Shares of Rs. 100 each, payable as:
`{:("On application and allotment"," Rs. 50 per share,"),("On first call"," Rs. 25 per share,"),("On second and final call"," Rs. 25 per share."),(,):}`
Members holding 400 shares did not pay the second and final call and the shares are duly forfeited, 200 of which are reissued as fully paid-up @ Rs. 50 per share. Pass Journal entries in the books of the company.


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Salim Ahmed Kawsar

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Correct Answer - Capital Reserve-Rs. 5,000.

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