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Unformatted text preview: th January 2014. Call monies are received on the 15 ±ebruary 2014 from all shareholders. The second call was made on 31 March with the payment due date being 30 June 2014. Call monies were received from all shareholders except from the holders of 100,000 shares who did not pay the Fnal call. The Directors decide that these shares are forfeited and are to be reissued. On the 1 October 2014, the 100,000 shares are forfeited. One week later the shares are reissued as fully paid to a new shareholder for a receipt of $3.80 per share. Costs of reissue amount to $125 and any balance in the forfeited shares account is refunded to the original shareholder as per the company’s constitution. Required: Prepare Journal entries to record the above events. Narrations are required. Copy and paste this General Journal into the Answer section General Journal Date Details / Accounts Debit $ Credit $...
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- Accounting, Payment, share