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Prepare journal entries to record the forfeiture and reissue

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Question - The notice shown below appeared in the Australian Times on 1 October 2017.

XYZ Ltd Notice of Sale of Forfeited Shares

All shares on which the call of fifty cents ($0.50) per share, due for payment on 1 September 2017, remains unpaid, will be sold by public auction on 1 November 2017, at 11 a.m. at the Australian Securities Exchange, Sydney, NSW.

Assume the following:

100,000 shares were forfeited

the forfeited shares were all paid to $2.5 per share

all the shares were sold at the auction for $2.80 per share and will be credited to $3.00

costs of forfeiture and reissue amounted to $2,000

the balance of the Forfeited Shares account will be refunded to the former shareholders.

Required - Prepare journal entries to record the forfeiture and reissue above.

Reference no: EM132564080

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