FORFEITURE OF SHARESVS SURRENDER OF SHARES
Answer Posted / nishchay verma
forfeiture is the method of cancelling the shares of the share holder who had not paid the money alloted on shares in the situation when the director of the company may cancel his shares ...
whereas on the other hand surrender of shares is the situation in which the share holder himself realises that he is unable to pay the amount on shares being purchased by him... so he wants to cancel them... this situation is called surrender of shares.....
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Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts
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