The Hindustan Manufacturing Ltd. has a total subscribed capital of ₹ 10,00,000 in Equity Shares of ₹ 10 each of which ₹ 7,50 were called-up

The Hindustan Manufacturing Ltd. has a total subscribed capital of ₹ 10,00,000 in Equity Shares of ₹ 10 each of which ₹ 7,50 were called-up. A final call of ₹ 2.50 was made and all amount paid except two calls of ₹ 2.50 each in respect of 100 shares held by D. These shares were forfeited and reissued at ₹ 8 per share.

Pass necessary Journal entries to reocrd the transactions of final call, forfeiture of shares and reissue of forfeited shares. Also, prepare the Balance Sheet of the company.

[Ans.: Capital Reserve – ₹ 300; Balance Sheet Total – ₹ 10,00,300.]