(Forfeiture of Partly Called-up Shares and their Reissue in Different Cases).
Nav Lakshmi Ltd. forfeited 500 shares of Rs. 10 each for non-payment of first call of Rs. 3 per share. The final call of Rs. 2 per share is yet to be made. All the forfeited shares were reissued. Pass the necessary Journal entries in the following cases:
Case I : If the shares are reissued for Rs. 5 per share.
Case II: If the shares are reissued for Rs. 9 per share, Rs. 8 called-up.
Case III: If the shares are reissued for Rs. 8 per share, fully paid-up.
Case IV: If the shares are reissued for Rs. 12 per share, fully called-up.

Explanation