Скачать или смотреть Forfeiture of shares issued at Premium | Issue of Shares | Class 12 Share Capital | Forfeiture

Understand how to record the Forfeiture of shares issued at Premium for Class 12 Share Capital topic.
Before the corporation may foreclose on a defaulting shareholder, it must provide that person 14 days' notice that he must pay the overdue sum, plus interest. Shares will be cancelled if payment is not received by the due date. However, if the shareholder still does not pay, the business might vote for a resolution to forfeit the shares. In case of a forfeiture, they must cancel the shares, and the Share Capital is reduced accordingly. The business does not give back the money it has taken in. The amount in the share forfeiture account is transferred to Paid-Up Capital in the Notes to Accounts on 'Share Capital' until the forfeited shares are reissued.
In the Event of a Forfeiture of Shares Journal Entry Must be Made:

Share Capital A/c Dr. (Called up capital)
Sec Premium A/c Dr. (Premium not received)
To Calls in arrear (Defualt)
To Sh. Forfeiture A/c (Amount Recd from Shareholder)
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