Give necessary Journal entries: (i) The Directors of Devendra Ltd. resolved on 1st January, 2010 that 100 Equity Shares of ₹ 10 each, ₹ 8 paid-up forfeited for non-payment of final call of ₹ 2

Give necessary Journal entries:

(i) The Directors of Devendra Ltd. resolved on 1st January, 2010 that 100 Equity Shares of ₹ 10 each, ₹ 8 paid-up forfeited for non-payment of final call of ₹ 2. On 1st February, 60 of these shares were reissued @ ₹ 7 per share as fully paid-up.

(ii) Virender Limited forfeited 20 shares of ₹ 100 each (₹ 60 called-up) issued at par to Mukesh on which he had paid ₹ 20 per share. Out of these, 15 shares were reissued to Sanjeev as ₹ 60 paid-up for ₹ 45 per share.

[Ans.: (i) Capital Reserve – ₹ 300; (ii) Capital Reserve – ₹ 75.]