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AX Limited forfeited 6,000 shares of Rs. 10 each for non-payment of First call of Rs. 2 per share. The Final call of Rs. 3 per share was yet to be made. The Final call was made after Forfeited of these shares. Of the forfeited shares, 4,000 shares were reissued at Rs. 9 per share as fully paid up.Assuming that the company maintains â??Calls in Advance Accountâ?? and â??Calls in Arrears Accountâ??, prepare â??Share Forfeited Accountâ?? in the books of AX Limited.

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Date Particulars LF Amount Date Particulars LF Amount To Share Capital Account To Capital Reserve A/C To Balance c/d 4,000 16,000 10,000 By Share Capital A/C 30,000
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Date Particulars LF Amount Date Particulars LF Amount
 

To Share Capital Account

To Capital Reserve A/C

To Balance c/d

 

4,000

 

16,000

 

 

10,000

  By Share Capital A/C   30,000

 

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