can share application money pending allotment be forfited?
if yes what is its accounting treatment?
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Share application money
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You can forfeiture the Share application money if the non payment of allotment and First and Final Calls...
the Entry is
Share Capital A.c Dr XXXXX
To Share Allotment A.c XXXX
To Unpaid Call A.c XXXX
To Share Forfeiture A.c XXXX
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