Can anyone solve my problem
A,B,C,D propose their name for directorship in a company A got 50% B got 35% C got 7% and D got 8% vote
A become director as per sec 160 of comany act 2013 every person who propose their name for directorship should deposit Rs.100000/- which shall be refunded if candidate gets elected as a Director or gets at least 25% of the votes in his favor either by show of hands or by poll. A and B got their money refunded and money of C and D forfetied my question is that what will be accounting treatment of forfeited amount Rs.200000 in which head it 'll appear what will be journal entry
CAclubindia
