75 :- Record the Journal entries for forfeiture and reissue of shares in the following cases:
(i) Basak Ltd. Forfeited 20 shares of Rs 10 each, Rs 7 called-up on which the shareholder had paid application and allotment money of Rs 5 per share. Out of these, 15 shares were reissued to Naresh as Rs 7 per share paid-up for Rs 8 per share.
(ii) Y Ltd. Forfeited 90 shares of Rs 10 each, Rs 8 called-up issued at a premium of Rs 2 per share to ‘R’ for non-payment of allotment money of Rs 5 per share (including premium). Out of these, 80 shares were reissued to Sanjay as Rs 8 called-up for Rs 10 per share.
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