reissue of shares

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Mayank Gupta (Querist)
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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.

R.V.RAO

R.V.RAO (Expert)
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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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