Give necessary journal entries for the forfeiture and re-issue of shares: (i) A Ltd. forfeited - 3,000 shares of 10 each fully called up, held by…

(i) Journal Entries in the books of A Ltd. Date Dr. ₹ Cr. ₹ (a) Equity Share Capital A/c Dr. 30,000 To Equity Share Allotment money A/c (₹ 3,000 x 3) 9,000 To Equity Share Final Call A/c (₹ 3,000 x 4) 12,000 To Forfeited Shares A/c (₹ 3,000 x 3) 9,000 (Being the forfeiture of3,000 equity shares of 10each for non-payment of allotment money and final call, held by Ramesh as per Board’s resolution No………….dated………..) (b) Bank Account (3000x 8) Dr. 24,000 Forfeited Shares Account (₹ 3,000x 2) Dr. 6,000 To Equity Share Capital A/c 30,000 (Being the re-issue of3,000 forfeited shares @8 each as fully paid up to Mahesh as per Board’s resolution No……….dated……………..) (c) Forfeited Shares A/c Dr. 3,000 To Capital Reserve A/c 3,000 (Being the profit on re-issue, transferred to capital reserve) (ii) Date Dr. ₹ Cr. ₹ (a) Equity Share Capital A/c (2000x 7) Dr. 14,000 To Equity Share First Call A/c (2000x 2) 4000 To Forfeited Shares A/c (2000x 5) 10,000 (Being the forfeiture of2000 equity shares of 10 (7called up) for non-payment of first call @2 per share as per Board Resolution No…. dated………) (b) Bank A/c Dr. 9000 Forfeited Shares A/c Dr. 6000 To Equity Share Capital A/c 15,000 (Being the re-issue of1500forfeited shares as fully paid up as per Board’s resolution No.…………… dated …………..) (c) Forfeited Shares A/c Dr. 1500 To Capital Reserve A/c 1500 (Being the profit on re-issue, transferred to capital reserve) Working Note: Balance in forfeited shares account on forfeiture of1,500 shares (₹ 1,500 x 5) ₹ 7,500 Less: Forfeiture of1500 shares (6, 000) Profit on re-issue of shares - 1,500 (iii) Date Dr. ₹ Cr. ₹ (a) Equity Share Capital A/c (1000x 6) Dr. 6000 To Equity Share Final Call A/c (100x 3) 3000 To Discount on issue of shares (1000x 1) 1000 To Forfeited Shares A/c (1000x 2) 2000 (Being the forfeiture of1000equity shares issued at a discount as per Board’s resolution No………….dated…….) (b) Bank Account (800x 6) Dr. 4800 Discount on issue of shares (800x 1) Dr. 800 Forfeited Shares A/c (800x 1) Dr. 800 To Equity Share Capital Account (800x 8) 6400 (Being the re-issue of800 shares fully paid up as per Board’s Resolution No………dated……….) (c) Forfeited Shares A/c 800 To Capital Reserve A/c 800 (Being the profit on re-issue, transferred to capital reserve) Working Note: Balance in forfeited shares account on forfeiture of100 shares (1000x 2) ₹ 2000 Forfeited shares balance for800 shares - 1600 Less: Forfeiture of800 shares (800) Profit on re-issue of shares - 800.