Answer:

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Journal Entry for Forfeiture of Shares:

1. When shares are forfeited due to non-payment by shareholders:

- Debit: Share Capital Account (face value of forfeited shares)

- Credit: Share Forfeiture Account (amount paid on shares)

2. When shares are reissued after forfeiture:

- Debit: Share Forfeiture Account (amount previously credited)

- Credit: Share Capital Account (face value of shares)

- Credit: Share Premium Account (if shares are reissued at a premium)

Note: The specific accounts used may vary depending on the accounting practices and policies of the company. It is advisable to consult the company's accounting guidelines or seek professional advice for accurate journal entries.

Here is an example of the journal entries for the forfeiture and reissue of shares:

1. Forfeiture of Shares:

Date: [Date of forfeiture]

Share Capital Account [Debit] XXX

To Share Forfeiture Account [Credit] XXX

(Recording the face value of forfeited shares)

Share Forfeiture Account [Debit] XXX

To Bank Account/Cash Account [Credit] XXX

(Recording the amount paid on shares)

2. Reissue of Shares:

Date: [Date of reissue]

Share Forfeiture Account [Debit] XXX

To Share Capital Account [Credit] XXX

(Recording the amount previously credited for forfeited shares)

Share Capital Account [Debit] XXX

Share Premium Account [Debit] XXX

To Share Capital Account [Credit] XXX

(Recording the reissue of shares at their face value and any premium)

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