Arre, this is all ledger entries for me. When shares issued at a premium are forfeited, the full called-up amount (face value plus premium) is forfeited to the company. But on reissue, any discount can only be given up to the amount originally received on forfeiture, so the premium account is safe.
It reminds me of my father's old ledger, where some debts were written off in red ink but the space was never reused. The rule is the same: once that premium money came in, it's set aside, just like we once set aside money for the temple roof repair and never touched it for the shop, even when times were lean.
#money#career
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