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1

When shares are forfeited, the share capital account is debited with ________ and the share forfeiture account is credited with __________.

Correct Answer: called up capital of shares forfeited; amount received on shares forfeited

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Financial Accounting 2 MCQ: When shares are forfeited, the share capital account is debited with ________ and the share forfeiture account is credited with __________. | Extra Education