Amal had applied for 7,000 shares of ₹ 10 each at a premium of ₹ 5 per share. He was allotted 4,000 shares on pro rata basis. After having paid ₹ 3 per share on application, he did not pay allotment money of ₹ 7 per share (including premium) and on his subsequent failure to pay the first call of ₹ 3 per share, his shares were forfeited. Calls not received were transferred to Calls-in-Arrears Account. These shares were reissued at the rate of ₹ 8 per share credited as fully paid. Pass Journal entries to record the forfeiture and reissue of shares.
[Ans.: Allotment money due but nor received – ₹ 19,000; Forfeited Shares A/c Credited – ₹ 21,000; Capital Reserve – ₹ 13,000.]