Disha Ltd. forfeited 500 shares of ₹100 each issued at 10% premium, ₹90 called up, on which the shareholders did not pay ₹30 per share on allotment (including premium) and first call of ₹20 per share. Out of these, 300 shares were reissued for ₹80 per share, fully paid up.

Pass necessary journal entries for forfeiture and reissue of shares.

Marks-3, CBSE:2022-23/Zone-4/Set-1/Q-19*