86 :- JJK Ltd. Forfeited 100 shares of Rs 10 each (Rs 8 called up) issued at a premium of Rs 2 per share to Rahul on which he had paid application money of Rs 5 per share, for non-payment of allotment money of Rs 5 per share (including premium). Out of these, 70 shares were reissued to Sanjay for Rs 7 per share as Rs 8 called-up for Rs 7 per share. Give necessary Journal entries relating to forfeiture and reissue of shares.
Solution :-
