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Cn Calls in Arrears b adjustd while re-issue of forfeitd shr

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(Querist)
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?
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Rasesh

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Rasesh (Expert)
26 May 2010 The calls in arrears can be adjusted now against the forfeited amount. The net accounting effect should remain the same.
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