Q.(a) Ajanta Ltd. invited applications for issuing 30,000 equity shares of ₹ 10 each at a premium of ₹ 5 per share. The amount was payable as follows : On Application and Allotment – ₹ 10 per share (including premium) On first and final call – Balance Applications for 50,000 shares were received. Applications for 10,000 shares were rejected and their application money was refunded. Pro-rata allotment was made to the remaining applicants. Excess money received with application was adjusted towards sums due on first and final call. Sonu, an applicant of 4,000 shares, paid his entire share money with application. Vedika, to whom 300 shares were allotted, failed to pay the first and final call. After giving her the mandatory notice, her shares were forfeited. Pass necessary journal entries for the above transactions in the books of Ajanta Ltd.
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🔒 Start your 14-day free trial to unlock the full solution →Part (a)Concept understanding — Share Capital Accounting
Let’s begin with something you already know from everyday life.
Imagine you and two friends decide to start a small business — say, a tiffin service. You each put in some money to buy utensils, a stove, and ingredients. That money you all contributed is the capital of the business. The business doesn’t own that money; it owes it back to you, the owners. In accounting, we call you the shareholders, and the money you put in is share capital.
Now scale that up to a company. A company needs huge amounts of money to build factories, buy machinery, or develop software. It raises this money by selling shares — small units of ownership. When you buy a share, you become a part-owner of that company. The total money collected from all shareholders is the company’s share capital.
Why does share capital matter in accounting?
Because the company is a separate legal person. It does not own the money — the shareholders do. So the company must record exactly how much it has collected from whom, and in what form. This affects the balance sheet (where share capital appears under Equity and Liabilities) and the cash flow (money coming in from shareholders is a financing activity).
The precise meaning (NCERT Class 12)
Share Capital is the money raised by a company by issuing shares to the public or to promoters. It is shown under the head Shareholders’ Funds in the Balance Sheet.
There are two main types of shares:
- Equity shares – ordinary shares; owners get dividends only if the company makes profit.
- Preference shares – owners get a fixed dividend before equity shareholders, but usually have no voting rights.
Accounting treatment — the journal entries
When a company issues shares, it follows a standard sequence. Let’s say a company issues 10,000 equity shares of ₹10 each at par (i.e., at face value). The money is received in two instalments: ₹4 on application, ₹6 on allotment.
Step 1: Application money received
| Date | Particulars | Debit (₹) | Credit (₹) |
|---|---|---|---|
| Bank A/c Dr. | 40,000 | ||
| To Share Application A/c | 40,000 | ||
| (Being application money received on 10,000 shares @ ₹4 each) |
Step 2: Transfer application money to Share Capital
| Date | Particulars | Debit (₹) | Credit (₹) |
|---|---|---|---|
| Share Application A/c Dr. | 40,000 | ||
| To Share Capital A/c | 40,000 | ||
| (Being application money transferred to Share Capital) |
Step 3: Allotment money due
| Date | Particulars | Debit (₹) | Credit (₹) |
|---|---|---|---|
| Share Allotment A/c Dr. | 60,000 | ||
| To Share Capital A/c | 60,000 | ||
| (Being allotment money due on 10,000 shares @ ₹6 each) |
Step 4: Allotment money received
| Date | Particulars | Debit (₹) | Credit (₹) |
|---|---|---|---|
| Bank A/c Dr. | 60,000 | ||
| To Share Allotment A/c | 60,000 | ||
| (Being allotment money received) |
If shares are issued at a premium (e.g., ₹10 face value, issued at ₹12), the extra ₹2 goes to a separate account called Securities Premium Reserve A/c. It is not part of share capital.
The Balance Sheet format (as per NCERT)
Under Equity and Liabilities, share capital appears like this:
| Particulars | Note No. | Amount (₹) |
|---|---|---|
| 1. Shareholders’ Funds | ||
| (a) Share Capital | 1 | 1,00,000 |
| (b) Reserves and Surplus | 2 | 20,000 |
| 2. Non-Current Liabilities | ... | ... |
| 3. Current Liabilities | ... | ... |
And Note 1 (Share Capital) is typically shown as:
| Particulars | Amount (₹) |
|---|---|
| Authorised Capital | |
| 1,00,000 Equity Shares of ₹10 each | 10,00,000 |
| Issued Capital | |
| 80,000 Equity Shares of ₹10 each | 8,00,000 |
| Subscribed and Paid-up Capital | |
| 80,000 Equity Shares of ₹10 each fully paid | 8,00,000 |
Part (b)Concept understanding — Forfeiture Conditions
Forfeiture of Shares – The First Meeting
Think of a situation where you book a seat for a concert, pay a deposit, but then don't show up on the day. The organiser keeps your deposit because you broke the promise. That's the everyday intuition behind forfeiture of shares.
A company invites people to buy its shares. You agree to buy, say, 100 shares at ₹10 each. You pay the application money (₹2) and allotment money (₹3). But when the company later asks for the final call (₹5), you don't pay. The company has already spent money on your behalf — printing share certificates, maintaining records, planning for your capital. You've broken your promise. So the company forfeits (cancels) your shares and keeps the money you've already paid.
What Exactly Is Forfeiture?
Forfeiture is the cancellation of partly-paid shares by a company because the shareholder failed to pay the call money due. The company keeps the amount already received and the shareholder loses all rights in those shares.
The NCERT Class 12 Accountancy textbook (Part II, Chapter 1) defines forfeiture as: "Forfeiture of shares refers to the cancellation of the shares of a shareholder who fails to pay the amount due on allotment or on any of the calls."
The key point: forfeiture happens only when shares are partly paid. If a shareholder has paid the full amount, the company cannot forfeit — it can only sell the shares in the market to recover any dues.
Why Does Forfeiture Matter?
For the company, forfeiture serves two purposes:
- Discipline – It forces shareholders to honour their payment commitments.
- Recovery – The company can later reissue the forfeited shares to someone else, often at a discount, and recover the unpaid amount.
For the shareholder, forfeiture means losing the money already paid. That's why companies follow a strict legal procedure — a board resolution, a notice to the defaulter, and a 14-day grace period — before forfeiting.
Accounting Treatment – The Core Logic
When shares are forfeited, the company has received some money but the shares are no longer with the original holder. The accounting question is: What do we do with the money already received?
The answer: The money received (application, allotment, and any calls paid) becomes the company's gain — but it's not profit yet. It's kept in a special account called Share Forfeiture Account.
Here's the journal entry:
| Date | Particulars | Dr (₹) | Cr (₹) |
|---|---|---|---|
| Share Capital A/c (called-up amount per share × number of shares forfeited) | Dr | ||
| To Share Forfeiture A/c (amount already received per share × number of shares) | |||
| To Calls-in-Arrears A/c (amount not received per share × number of shares) | |||
| (Being forfeiture of X shares for non-payment of call money) |
Let's break this down with a concrete example from NCERT.
Example (NCERT-style)
A company issued 1,000 shares of ₹10 each, payable as:
- Application: ₹2
- Allotment: ₹3
- First Call: ₹3
- Final Call: ₹2
Mr. X, who held 100 shares, paid application and allotment but failed to pay the first call and final call. The company forfeited his shares.
Step 1: Calculate the amounts
- Called-up amount per share = ₹10 (all calls made)
- Amount received per share = ₹2 (application) + ₹3 (allotment) = ₹5
- Amount not received per share = ₹3 (first call) + ₹2 (final call) = ₹5
Step 2: Journal entry
| Particulars | Dr (₹) | Cr (₹) |
|---|---|---|
| Share Capital A/c (100 shares × ₹10) | 1,000 | |
| To Share Forfeiture A/c (100 shares × ₹5) | 500 | |
| To Calls-in-Arrears A/c (100 shares × ₹5) | 500 | |
| (Being forfeiture of 100 shares of Mr. X) |
What does this entry do?
- Share Capital A/c is debited – because the shares are cancelled, the company's share capital reduces by the called-up amount.
- Share Forfeiture A/c is credited – with the amount already received. This is a liability (or a reserve) because the company may later reissue these shares.
- Calls-in-Arrears A/c is credited – because the unpaid amount is no longer due from Mr. X. The Calls-in-Arrears account is cleared.
The Share Forfeiture Account – A Temporary Home
The Share Forfeiture Account is not a profit account. It's a temporary account that holds the money received from the defaulting shareholder. This money will be used later when the forfeited shares are reissued.
The amount in Share Forfeiture Account is not distributed as dividend until the shares are reissued. It remains a reserve until then.
Reissue of Forfeited Shares …
Part (a)
Ajanta Ltd. — 30,000 shares of ₹10 at ₹5 premium. App & Allotment ₹10 (incl. ₹5 premium); First & Final Call ₹5. Pro-rata 40,000 : 30,000 = 4 : 3. Sonu applied 4,000, paid full ₹15; allotted 3,000. Vedika allotted 300, defaulted the call ₹500 → forfeited.
Application received = 50,000 × ₹10 + Sonu's extra 4,000 × ₹5 = 5,00,000 + 20,000 = ₹5,20,000.
Refund = rejected 10,000 × ₹10 (1,00,000) + Sonu's over-payment ₹15,000 = ₹1,15,000.
Calls in Advance = ₹1,05,000. (Vedika: call ₹1,500 − advance ₹1,000 = ₹500 unpaid.)
Journal Entries — Ajanta Ltd.
| Particulars | Debit (₹) | Credit (₹) |
|---|---|---|
| Bank A/c Dr. | 5,20,000 | |
| To Share Application & Allotment A/c | 5,20,000 | |
| Share Application & Allotment A/c Dr. | 5,20,000 | |
| To Share Capital A/c (30,000 × 5) | 1,50,000 | |
| To Securities Premium A/c (30,000 × 5) | 1,50,000 | |
| To Bank A/c (refund) | 1,15,000 | |
| To Calls in Advance A/c | 1,05,000 | |
| Share First & Final Call A/c Dr. | 1,50,000 | |
| To Share Capital A/c | 1,50,000 | |
| Bank A/c Dr. | 44,500 | |
| Calls in Advance A/c Dr. | 1,05,000 | |
| Calls in Arrears A/c Dr. | 500 | |
| To Share First & Final Call A/c | 1,50,000 | |
| Share Capital A/c Dr. (300 × 10) | 3,000 | |
| To Share Forfeiture A/c | 2,500 |
Part (a): Ajanta Ltd. — bank ₹5,20,000; refund ₹1,15,000; Calls in Advance ₹1,05,000; Vedika's 300 shares forfeited (₹2,500 to forfeiture).
Part (b): Rao Ltd. forfeits 750, re-issues 500 → Capital Reserve ₹1,500. Lily Ltd. forfeits 2,000, re-issues all → Capital Reserve ₹14,750.
Part (a)
Working Notes
- Pro-rata ratio = 40,000 : 30,000 = 4 : 3.
- Application money = 50,000 × ₹10 = ₹5,00,000 + Sonu's extra (4,000 × ₹5 call prepaid) ₹20,000 = ₹5,20,000.
- Refund = rejected 10,000 × ₹10 = ₹1,00,000 + Sonu's over-payment. Sonu paid ₹60,000, allotted 3,000, total due 3,000 × ₹15 = ₹45,000 → over-payment ₹15,000 refunded. Total refund = ₹1,15,000.
- Calls in Advance = ₹5,20,000 − Capital 1,50,000 − Premium 1,50,000 − Refund 1,15,000 = ₹1,05,000 (excess of pro-rata applicants ₹90,000 + Sonu's prepaid call ₹15,000).
- Vedika (300 shares): call due ₹1,500, advance ₹1,000 → unpaid ₹500 (Calls in Arrears).
- Cash on call = 1,50,000 − 1,05,000 (advance) − 500 (arrears) = ₹44,500.
- Forfeiture: called-up ₹10 × 300 = ₹3,000; received ₹2,500 → Share Forfeiture ₹2,500, arrears ₹500. Premium was received on App & Allotment, so not cancelled.
Journal Entries in the books of Ajanta Ltd.
| Particulars | Debit (₹) | Credit (₹) |
|---|---|---|
| Bank A/c Dr. | 5,20,000 | |
| To Share Application & Allotment A/c | 5,20,000 | |
| Share Application & Allotment A/c Dr. | 5,20,000 | |
| To Share Capital A/c | 1,50,000 | |
| To Securities Premium A/c | 1,50,000 | |
| To Bank A/c (refund) | 1,15,000 | |
| To Calls in Advance A/c | 1,05,000 | |
| Share First & Final Call A/c Dr. | 1,50,000 | |
| To Share Capital A/c | 1,50,000 | |
| Bank A/c Dr. | 44,500 | |
| Calls in Advance A/c Dr. | 1,05,000 | |
| Calls in Arrears A/c Dr. | 500 | |
| To Share First & Final Call A/c | 1,50,000 | |
| Share Capital A/c Dr. | 3,000 | |
| To Share Forfeiture A/c | 2,500 |
Showing the 12 most recent of 115 on this concept.
- CBSE 2026Set 67/3/11 markMCQQ.(a) Paramount Ltd. forfeited 2,000 equity shares of ₹ 100 each, ₹ 80 called up, issued at a premium of 10%, for non-payment of first call of ₹ 20 per share. On forfeiture of these shares, Equity Share Capital Account will be ________ by ________. (A) debited, ₹ 1,60,000 (B) credited, ₹ 1,60,000 (C) debited, ₹ 2,00,000 (D) credited, ₹ 2,00,000(OR)(b) Rudali Ltd. invited applications for issuing 2,00,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share. ₹ 5 per share (including premium) was payable on application. Applications for 2,60,000 shares were received. An applicant for 5,000 shares paid his entire share money along with application. The amount received on application was : (A) ₹ 10,00,000 (B) ₹ 12,00,000 (C) ₹ 12,35,000 (D) ₹ 13,35,000
›Reveal solutionSolution
Part (a): Equity Share Capital A/c is debited by ₹1,60,000 — option (A).
Part (b): Amount received on application = ₹13,35,000 — option (D).
Part (a)
Forfeiture reverses Share Capital only to the extent called up, at the called-up value per share.
- Called-up per share = ₹80; shares forfeited = 2,000
- Equity Share Capital A/c debit = 2,000 × ₹80 = ₹1,60,000 …
- CBSE 2026Set 67/3/11 markMCQQ.(a) On 1st April, 2024, Mobi Ltd. issued 3,000, 9% Debentures of ₹ 1,000 each at a premium of 5%. The total amount of interest due on debentures for the year ended 31st March, 2025 will be : (A) ₹ 2,70,000 (B) ₹ 1,50,000 (C) ₹ 27,000 (D) ₹ 15,000(OR)(b) A company may reserve a portion of its uncalled capital to be called only in the event of winding up of the company. Such uncalled amount is called : (A) Uncalled capital (B) Paid-up capital (C) Called-up capital (D) Reserve capital
›Reveal solutionSolution
Part (a): Annual debenture interest = ₹2,70,000 — option (A).
Part (b): The reserved uncalled amount is Reserve Capital — option (D).
Part (a)
Debenture interest is computed on the nominal (face) value, unaffected by the issue premium.
- Total face value = 3,000 × ₹1,000 = ₹30,00,000
- Interest = 9% × ₹30,00,000 × 1 year = ₹2,70,000 …
- CBSE 2026Set 67/3/11 markMCQQ.Deep Ltd. issued 6,000, 9% Debentures of ₹ 500 each at ₹ 490 per debenture. 9% Debentures Account will be credited by : (A) ₹ 2,70,000 (B) ₹ 6,00,000 (C) ₹ 29,40,000 (D) ₹ 30,00,000
›Reveal solutionSolution
The 9% Debentures Account is credited by ₹30,00,000 (face value of 6,000 debentures @ ₹500 each), irrespective of the issue price of ₹490.
Concept: Accounting Treatment for Issue of Debentures at a Discount
When a company issues debentures, the Debentures Account (a liability) is always credited with the face value (nominal value) of the debentures, not the issue price. This is because the company's liability to debenture-holders is to repay the face value at maturity, regardless of what they paid at the time of issue.
The accounting entries follow the fundamental rule:
- Debit what comes in (Bank receives cash at issue price)
- Credit the liability at face value (Debentures Account)
- Any difference between face value and issue price is treated separately:
- Discount on Issue of Debentures (when issue price < face value) is debited as a capital loss
- Premium on Issue of Debentures (when issue price > face value) is credited
In this case, Deep Ltd. issued debentures at a discount of ₹10 per debenture (₹500 − ₹490).
Solution
Working Note 1: Calculation of Face Value
Number of debentures issued = 6,000
Face value per debenture = ₹500
Total Face Value = 6,000 × ₹500 = ₹30,00,000
Working Note 2: Calculation of Issue Price
Issue price per debenture = ₹490
Total Cash Received = 6,000 × ₹490 = ₹29,40,000
Working Note 3: Discount on Issue
Discount per debenture = ₹500 − ₹490 = ₹10
Total Discount = 6,000 × ₹10 = ₹60,000
Journal Entry
Date Particulars L.F. Debit (₹) Credit (₹) Bank A/c 29,40,000 - CBSE 2026Set 67/4/11 markMCQQ.(a) 6,000 shares of ₹ 25 each were forfeited for non-payment of final call money of ₹ 5 per share. The maximum discount that the company can allow on reissue of these shares will be : (A) ₹ 30,000 (B) ₹ 90,000 (C) ₹ 1,20,000 (D) ₹ 1,50,000(OR)(b) 5,000 shares of ₹ 20 each were forfeited for non-payment of second and final call of ₹ 4 per share. The minimum amount that the company must collect at the time of reissue of these shares will be : (A) ₹ 20,000 (B) ₹ 80,000 (C) ₹ 1,00,000 (D) ₹ 1,20,000
›Reveal solutionSolution
Part (a): Maximum discount on reissue = Rs.1,20,000 -> (C). Part (b): Minimum amount to collect on reissue = Rs.20,000 -> (A).
Part (a)
Maximum discount on reissue cannot exceed the amount forfeited. Amount received before forfeiture = 25 - 5 = Rs.20 per share -> 20 x 6,000 = Rs.1,20,000. …
- CBSE 2026Set 67/5/11 markMCQQ.(a) Merak Ltd. forfeited 6,000 equity shares of ₹ 10 each for non-payment of final call of ₹ 3 per share. The minimum amount per share at which these shares can be reissued will be : (A) ₹ 3 (B) ₹ 7 (C) ₹ 10 (D) ₹ 6(OR)(b) Nori Ltd. issued 20,000, 11% debentures of ₹ 100 each at a premium of 10%, redeemable at a premium of 5%. Loss on issue of debentures account will be debited by : (A) ₹ 20,00,000 (B) ₹ 1,00,000 (C) ₹ 3,00,000 (D) ₹ 2,00,000
›Reveal solutionSolution
Part (a): Minimum reissue price = ₹3 — option (A).
Part (b): Loss on Issue of Debentures = ₹1,00,000 — option (B).
Part (a)
On forfeiture, the amount already received is credited to the Share Forfeiture Account, and on reissue the discount allowed cannot exceed this balance.
- Face value = ₹10; final call unpaid = ₹3
- Amount forfeited per share = ₹10 − ₹3 = ₹7 (maximum permissible discount) …
- CBSE 2026Set 67/5/11 markMCQQ.At the time of forfeiture of shares, ‘Share Capital Account’ is debited with : (A) Paid-up amount on forfeited shares (B) Called-up amount on forfeited shares (C) Face value of shares forfeited (D) Unpaid amount on forfeited shares
›Reveal solutionSolution
At the time of forfeiture, Share Capital Account is debited with the called-up amount on the forfeited shares — option (B).
The Concept: Why the Called-Up Amount?
When a company forfeits shares, it cancels the shareholder’s membership. The accounting entry must reverse the original credit that was made to Share Capital Account when the shares were issued.
Think about what happened when the shares were first allotted. The company made this entry:
Date Particulars L.F. Debit (₹) Credit (₹) Bank A/c (amount received) Dr. Share Forfeiture A/c (amount not received) Dr. To Share Capital A/c (called-up amount) Cr. The Share Capital Account was credited with the called-up amount — not the face value, not the paid-up amount, and certainly not the unpaid amount. It was credited with the amount the company had called from shareholders, because that is the legal liability the shareholder accepted.
Now, when shares are forfeited, we must reverse that credit. The rule is simple: whatever was credited to Share Capital at allotment must be debited back at forfeiture. That amount is the called-up value per share multiplied by the number of shares forfeited.
Watch outA common mistake is to debit Share Capital with the paid-up amount (the amount actually received). But that would leave the unpaid calls still sitting in the Share Capital Account — incorrect. The called-up amount is the full amount the company demanded; the unpaid portion is already in Share Forfeiture Account (or Calls-in-Arrears Account) and is removed separately.
The Journal Entry at Forfeiture
The standard entry is:
Date Particulars L.F. Debit (₹) Credit (₹) Share Capital A/c (called-up amount) Dr. To Share Forfeiture A/c (amount already received) To Calls-in-Arrears A/c (amount not yet received) (Being forfeiture of shares for non-payment of calls) Notice: Share Capital is debited with the called-up amount. The credit goes partly to Share Forfeiture Account (the money already collected) and partly to Calls-in-Arrears Account (the money still owed but now cancelled).
TipIf the company has not maintained a separate Calls-in-Arrears Account, the unpaid amount is directly credited to the respective call account (e.g., First Call A/c, Final Call A/c). The principle remains the same — Share Capital is debited with the called-up amount.
Why Not the Other Options? …
- CBSE 2026Set MARCH1 markMCQQ.When shares are forfeited then amount called up on forfeited shares is _____.(a) debited to share forfeiture account(b) credited to share forfeiture account(c) credited to share capital account(d) debited to share capital account
›Reveal solutionSolution
On forfeiture, the called-up amount on forfeited shares is debited to Share Capital A/c, so the answer is (d).
When shares are forfeited for non-payment of calls, the forfeiture entry is:
Account Dr / Cr Share Capital A/c (amount called up on forfeited shares) Dr To Share Forfeiture A/c (amount already received) Cr - CBSE 2026Set ANNUAL1 markMCQQ.Rashmi Limited forfeited 1500 equity shares of ₹ 10 each issued at 10% premium, on which first call of ₹ 2 per share was not received and final call ₹ 1 per share was not made. How much amount will be credited in Share Forfeiture A/c? A) ₹ 15,000 B) ₹ 13,500 C) ₹ 3,000 D) ₹ 10,500
›Reveal solutionSolution
The Share Forfeiture Account is credited with ₹10,500 - option (D).
Face value ₹10 per share, issued at 10% premium (premium ₹1). A typical call pattern totalling face value is: Application + Allotment (including premium) + First call ₹2 + Final call ₹1.
Per share received towards SHARE CAPITAL before forfeiture:
Item Amount per share (₹) Face value 10 Less: First call (not received) (2) Less: Final call (not made / not called) (1) Capital actually received per share 7 … - CBSE 2026Set ANNUAL1 markMCQQ.Purchase of own equity shares by a company is called A) Buy-back of share B) Repayment C) Redemption D) Capitalisation
›Reveal solutionSolution
A company purchasing its own equity shares is doing a buy-back - option (A).
'Buy-back' means a company repurchasing its own equity shares from its shareholders, usually to return surplus cash, improve earnings per share, or support the share price. It is distinct from:
- Redemption (option C) - applies to preference shares and debentures that are repaid on maturity. …
- CBSE 2026Set ANNUAL1 markQ.Fill in the blank: The balance of __________ account is capital gain for the company. (Share forfeiture/General Reserve)
›Reveal solutionSolution
The balance of the Share Forfeiture Account is a capital gain for the company.
When shares are forfeited, the amount already received on them is credited to the Share Forfeiture Account. Any balance remaining after the shares are re-issued represents a capital profit (gain) retained by the company and is transferred to the Capital Reserve. A General Reserve, by contr …
- CBSE 2026Set ANNUAL1 markQ.When shares are issued at premium and the premium is realised, which accounts will be debited at the time of their forfeiture?
›Reveal solutionSolution
When the premium has been realised, forfeiture debits only the Share Capital Account.
The treatment of the premium on forfeiture depends on whether it was received:
- If the premium was ALREADY received, it stays in the Securities Premium Account and is not cancelled. Only the Share Capital Account is debited (with the called-up value), the Share Forfeiture Account is credited with the amount received, and any unpaid calls are credited to Calls-in-Arrears. …
- CBSE 2026Set ANNUAL1 markQ.Where is the balance of the Share Forfeiture Account shown till the share is re-issued?
›Reveal solutionSolution
The Share Forfeiture balance is added to Subscribed capital under Share Capital until the shares are re-issued.
Until the forfeited shares are re-issued, the amount standing in the Share Forfeiture Account is disclosed in the Notes to Accounts on Share Capital and added to the Subscribed and Paid-up Capital. It thus appears on the Equity and Liabilities side of the Balance Sheet under Shareholders' Funds -> Share Capital. Once the shares are re-issued, this balance (net of any …
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