(Forfeiture of Shares which were issued at Premium and reissued at Discount).
X Ltd. issued 10,000 Equity Shares of Rs 100 each at a premium of Rs. 20 per share payable as Rs. 30 on application, Rs. 50 on allotment including premium and Rs. 40 on first and final call.
All the shares were subscribed, amount due on all shares was received except from Asha, holding 100 shares were subscribed, amount due on all shares was received except from Asha, holding 100 shares who did not pay allotment and call money and Neeru holding 200 shares did not pay the first and final call money. These 300 shares were forfeited. Out of the shares forfeited, 150 shares (including all shares of Asha) were reissued to Raja @ Rs. 80 per share as fully paid-up.
Pass Journal entries in the books of the company to record the forfeiture and reissue only.
Also, show Shareholders' Funds in the Balance Sheet before and after forfeiture and reissue.

Explanation

3. Calculation of Amount Transferred to Capital Reserve (Gain on Reissue):
Capital Reserve=No. of Shares Reissued `xx` (Amount forfeited per share)- Discount allowed on reissue per share)
`{:("On Asha's Shares [ 100"xx"(Rs.30 - Rs. 20)]",," Rs. 1,000"),("On Neeru's Shares [50"xx"(Rs. 60 - Rs. 20)]",," Rs. 2,000"),("Amount transferred to Capital Reserve",,ulbar(ul(" Rs. " 3,000))):}`