FORFEITURE OF SHARES "ACCOUNTING FOR SHARE CAPITAL"

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FORFEITURE OF SHARES "ACCOUNTING FOR SHARE CAPITAL"
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Transcript
00:00When unpaid shares can be taken back, let's find out how.
00:05First, what's share forfeiture?
00:09It's when a company takes back shares because the shareholder didn't pay the call money.
00:13Under the Companies Act 2013, these forfeited shares must be disclosed in the balance sheet
00:18under the equity section.
00:20Now, let's get into the accounting entries.
00:23When shares are issued at par and calls in arrear account is maintained, you debit the
00:27share capital account and credit the calls in arrear account.
00:31If calls in arrear account isn't maintained, debit share capital account and credit share
00:35forfeiture account.
00:37What about shares issued at a premium?
00:40If the securities premium is received, you debit share capital and credit both calls
00:44in arrear and share forfeiture accounts.
00:46If it's not received, you also debit the securities premium account.
00:51Easy, right?
00:53That's the quick scoop on forfeiture of shares.
00:58Thanks for watching.
00:59Don't forget to like and subscribe.
01:00See you next time.
01:01Bye.

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