Commerce – Q. 1A1029 Commerce, Corporate Accounting, Share Capital

A company issued **3,000 equity shares of ₹10 each payable as follows:

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

Mr. Arun, holding *150 shares, failed to pay the *First Call and Second and Final Call. His shares were forfeited after giving due notice.

Subsequently, 100 of the forfeited shares were reissued at ₹9 per share as fully paid-up.

Pass the necessary journal entries