Welfare Limited issued 1,000 shares of Rs. 100 each . The due amount was received except for 100 shares on which Rs. 90 was received per share. These 100 shares were forfeited and 50 shares were reissued for Rs. 80 each fully paid up.
Show the Forfeited Shares Account and the Balance Sheet as at closing date.

Explanation

`{:("1. Journal entries on forfeiture and reissue:",,),(," Rs."," Rs."),(" Share Capital A/c (100"xx"Rs.100) ...Dr.","10,000",),(" To Calls-in-Arrears A/c (100"xx"Rs.10)",," 1,000"),(" To Forfeited Shares A/c (100"xx"Rs. 90)",," 9,000"),(" "bar("Bank A/c(50"xx"Rs. 80) ...Dr.")," 4,000",),(" Forfeited Shares A/c (50"xx"Rs. 20) ...Dr."," 1,000",),(" "ul(" To Share Capital A/c "),," 5,000"),("2. Gain on reissue to be transferred to Capital Reserve:",," Rs."),(" Amount forfeited on 50 shares reissued (50"xx"Rs. 90)",," 4,500"),(" Less: Discount on reissue (50"xx"Rs. 20)",," 1,000"),("3. Gain on reissue transferred to Capital Reserve",," "ulbar(ul(""3,500))):}`
3. The balance of Rs. 4,500 remaining in Forfeited Shares Account is in respect of the shares not yet reissued.