Pass Journal entries for the forfeiture and re-issue in the following cases: (i) A Ltd. forfeited 1,000 shares of ₹ 10 each fully called up for non-payment of first call of ₹ 3 per share and final call of ₹ 3 per share

Pass Journal entries for the forfeiture and re-issue in the following cases:

(i) A Ltd. forfeited 1,000 shares of ₹ 10 each fully called up for non-payment of first call of ₹ 3 per share and final call of ₹ 3 per share. All of these shares were re-issued as fully paid for ₹ 10 per share.

(ii) B Ltd. forfeited 4,000 shares of ₹ 10 each fully called-up for non-payment of final call of ₹ 3 per share. 3,000 of these shares were re-issued as fully paid at the maximum rate of discount allowed by law.

(iii) C Ltd. forfeited 7,000 shares of ₹ 10 each fully called-up on which the holder has paid application money @ ₹ 3 and allotment money @ ₹ 2 per share. Out of these, 3,000 shares were re-issued as fully paid @ ₹ 7 per share.

(iv) D Ltd. forfeited 10,000 shares of ₹ 10 each fully called-up on which the holder has paid only the application money @ ₹ 3 per share. Out of these, 6,000 shares were re-issued at ₹ 10.50 per share, fully paid up.

[Ans. Amount transferred to Capital Reserve : Case (i) ₹ 4,000; Case (ii) Nil; Case (iii) ₹ 6,000; Case (iv) ₹ 18,000.]