A company forfeited 4,000 shares of ₹10 each fully called-up, on which application money of ₹3 each has been paid. Out of these, 2,000 shares were reissued as fully paid up for ₹18,000.

Pass necessary journal entries for above transactions.

Marks-3, CBSE:2022-23/Zone-3/Set-1/Q-18*