Y Ltd. forfeited 100 equity shares of Rs. 10 each for non-payment of first call of Rs. 2 per share. The final call of Rs. 2 per share was yet to be made.
Calculate the maximum amount of discount at which these shares can be reissued.

(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.

Star Ltd. forfeited 500 Equity shares of Rs. 100 each for non-payment of first call of Rs. 30 per share. The final call of Rs. 10 per share was not yet made. Out of these, 60% shares were reissued for Rs. 39,000 fully paid. Journalise the forfeitue and reissue of shares.

The Director of a company foreited 300 shares of Rs. 10 each issued at a premium of Rs. 3 per share, for the non-payment of the first call money of Rs. 2 per share. The final call of Rs. 2 per share has not been made. Half the forfeited shares were reissued at Rs. 1,500 as fully paid-up. Record the Journal entries for the forfeiture and reissue of shares.