X Ltd. forfeited 1,500 shares of ₹ 10 each (originally issued at a premium of ₹ 3 per share which was payable along with application money) on which allotment money of ₹ 3 and first call money of ₹ 2 were not received

X Ltd. forfeited 1,500 shares of ₹ 10 each (originally issued at a premium of ₹ 3 per share which was payable along with application money) on which allotment money of ₹ 3 and first call money of ₹ 2 were not received; the final call money of ₹ 3 is not yet called. These shares were originally allotted on pro-rata basis in the ratio of 3 : 2. These shares were subsequently reissued at a discount of ₹ 1 per share, credited as ₹ 7 paid up.

Pass necessary Journal entries for forfeiture and reissue of shares.

[Ans. Amount transferred to Capital Reserve ₹ 5,250.]