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P2 C1 ACCOUNTING FOR SHERE CAPITAL — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP2 C1 ACCOUNTING FOR SHERE CAPITAL1 Mark
Question
What is meant by share forfeiture?
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Answer

Due to any reason, if any shareholder fails to pay the amount due on allotment or on any call within the informed specified period by company, then company can forfeit his share by completing due formalities. So, a process of forfeiture or cancellation of shares by directors of company is called forfeiture of shares.

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