(A) Virender Limited forfeited 400 shares of Rs. 100 each (Rs. 60 called-up) issued at par to Mukesh on which he paid Rs. 25 per share. Out of these, 300 shares were re-issued to Sanjeev as Rs. 60 paid-up for Rs. 45 per share. Pass entries for forfeiture and re-issue of share.
(B) The Directors of Devendra Ltd. resolved on 1st April, 2016 that 1,000 equity shares of Rs. 10 each, Rs. 8 per share called-up be forfeited for non-payment of first call of Rs. 2 per share. On 1st May, 2016, 600 of these shares were re-issued at Rs. 7 per share fully paid-up. Pass entries for forfeiture and re-issued of shares.

Explanation

(A) Capital Reserve Rs. 3,000. (B) Capital Reserve Rs. 1,800.