26 May 2010
A company forfeited its partly paid - up shares a decade back, but the Calls - In - Arrears were not adjusted in books at that time (i.e. it was not reduced from forfeited amount). The company Re-issue its Forfeited share in F.Y. 2009-2010 at a premium @ 20% of Face Value.
Can the Calls - in - Arrear be adjusted in this year? If yes then as per which Section of Act? and what will be the accounting effect for the same. And if not then Why?
CAclubindia
