Surya Tubes Limited issued 20,000 shares of Rs. 100 each. The due amount was received except for 500 shares on which Rs. 75 per share was received. These 500 shares were forfeited and 300 shares were reissued for Rs. 60 each fully paid-up. Show the Forfeited Shares Account and the Balance Sheet as at closing date.

Explanation

Capital Reserve Rs. 10,500, Balance of Forfeited Sheet Account Rs. 15,000, B/S total Rs. 20,05,500.