70 :- The Hindustan Manufacturing Ltd. Had a total subscribed capital of Rs 10,00,000 in Equity Shares of Rs 10 each of which Rs 7.50 were called-up. A final call of Rs 2.50 was made and all amount paid except two calls of Rs 2.50 each in respect of 100 shares held by D. These Shares were forfeited and reissued at Rs 8 per share.
Pass necessary Journal Entries to record the transactions of final call, forfeiture of shares and reissue of forfeiture shares. Also, prepare the Balance Sheet of the company.
Solution :-
