Question

Bharat ltd forfeited 200shares of 10each fully called up held by naveen for nonpayment if allotment money of 3per shares and first call of 4per shares he paid application money of 3per shares these shares were reissu
ed to amit for 8per shares

Answer 1

For forfeiture:
Share capital Dr. 2000
To share forfeiture 600
To calls in arrears 1400

For reissue
Bank Dr. 1600
Share forfeiture Dr. 400
To Share capital 2000

For transfer to capital reserve
Share forfeiture Dr.200
To capital reserve 200