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Pass journal entries in the following cases: M Ltd. forfeited 200 Equity Shares of Rs.10 each issued at a premium of Rs. 5 per share, held by Ram for non-payment of the final call of Rs. 3 per share. Of these, 100 shares were reissued to Vishu at a discount of  Rs. 4 per share. 

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Working Note:

Calculation Balance of forfeiture of reissued shares

Capital Reserve

= Balance is share forfeiture after re-issue per share x Number of shares reissued 

= Rs. 3 x 100 = Rs. 300

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