Stock Forfeiture Agreement
Description
How to fill out Stock Purchase Agreement?
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FAQ
For example, a forfeiture may occur if a shareholder fails to pay an owed allotment (call money), or if he sells or transfers his shares during a restricted period.
Forfeiture of shares is where the shareholder loses their entitlement to them as well as all rights under them. Shares are forfeited when a shareholder fails to meet an obligation under which the shares were issued to that person.
When Forfeiture of shares Issued at Par The company debits the Share Capital Account with the amount called-up up to the date of forfeiture on shares. It credits the Shares Allotment Amount or Shares Call Account with amount called-up on forfeited shares but due from the shareholders.
Share forfeited Amount = 200 ×9 = 1800.Share forfeited Amount = 200 A— 2 = Rs. 400.(b) Clean chem Ltd. forfeited 500 shares of Rs 10 each, for non-payment of first call of Rs. 3 and final call of Re. Pass necessary journal entries.
When Forfeiture of shares Issued at Par The company debits the Share Capital Account with the amount called-up up to the date of forfeiture on shares. It credits the Shares Allotment Amount or Shares Call Account with amount called-up on forfeited shares but due from the shareholders.