Surya Tubes Limited issued 20,000 shares of ₹ 100 each. The due amount was received except for 500 shares on which ₹ 75 per share was received

Surya Tubes Limited issued 20,000 shares of ₹ 100 each. The due amount was received except for 500 shares on which ₹ 75 per share was received. These 500 shares were forfeited and 300 shares were reissued for ₹ 60 each fully paid-up.

Prepare Forfeited Shares Account and show the Share Capital in the Balance Sheet as at Closing date.

[Ans. Capital Reserve ₹ 10,500; Balance of Forfeited Shares Account ₹ 15,000; Subscribed and Fully Paid Capital ₹ 19,80,000; Share Capital ₹ 19,95,000.]