(Reissue of Forfeited Shares which were issued at Premium).
Complete Solutions Ltd. forfeited Shares of Rs. 100 each issued at 10% premium on which allotment money of Rs. 30 per equity share (including premium) and first call of Rs. 30 per share were not received, the second and final call of Rs. 20 per equity share was not yet called.
Pass journal entries regarding forfeiture and reissue of shares in each of the following cases:
Case 1. If 200 of these shares were reissued as Rs. 80 paid-up for Rs. 90 per share.
Case 2. If 200 of these shares were reissued as Rs. 80 paid-up for Rs. 80 per share.
Case 3. If 200 of these shares were reissued as Rs. 80 paid-up for Rs. 70 per share.
Case 4. If 200 of these shares were reissued as Rs. 80 paid-up for Rs. 50 per share.
Case 5. If 200 of these shares were reissued at Rs. 70 per share as fully paid-up.

Explanation

Notes:
1. In Case 1, forfeited shares are reissued at a price (Rs. 90) higher than the paid-up value (Rs. 80), the excess of reisseu price over paid-up value (i.e., Rs 10) is credited to 'Securities Premium Reserve Account'.
2. In Case 2, entlre amount forfeited on 200 shares will be transferred to Capital Reserve because there is no loss on reissue.
3. In Cases 4 and 5, there in no gain on reissue.