Commerce – Q. 1A1028 Commerce, Corporate Accounting, Share Capital

A company issued **5,000 equity shares of ₹10 each payable as follows:

• ₹3 on Application
• ₹1 on Allotment
• ₹2 on First Call
• ₹4 on Second and Final Call

Mr. Mohan, holding *200 shares, failed to pay the *Allotment money and First Call money. His shares were forfeited.

Out of the forfeited shares, 200 shares were reissued at ₹9 per share as fully paid-up**.

Pass the necessary journal entries