07 February 2008
Suppose the face value of shares is Rs10. 500 shares which were issued to A forfeitted for non payment of final call(Rs.2).Now reissued to B For Rs8 per share and Rs6 paid up. I want to ask about the amount that will be entered in bank a/c in reissue entry, will that amount is 500x8 or 500x6.
07 February 2008
THE BANK RECEIPT IS IN FACT THE ACTUAL AMOUNT RECEIVED FOR WHICH ENTRY IS MADE IN BANK ACCOUNT. IF WE HAVE RECEIVED RS. 8 FULLY NOW ITSELF,THEN THAT AMOUNT OR IF WE RECEIVE NOW ONLY RS. 6 , THEN THAT AMOUNT WILL BE ENTERED IN BANK ACCOUNT. THE BASIS FOR BANK ACCOUNT ENTRY IS ALWAYS THE ACTUAL AMOUNT RECEIVED. R.V.RAO
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