91 :- Amal had applied for 7,000 shares of Rs 10 each at a premium of Rs 5 per share. He was allotted 4,000 shares on pro rata basis. After having paid Rs 3 per share on application, he did not pay allotment money of Rs 7 per share (including premium) and on his subsequent failure to pay the first call of Rs 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 Rs 8 per share credited as fully paid.
Pass Journal entries to record the forfeiture and reissue of shares.
Solution :-
