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VT Ltd forfeited 200 shares of Rs. 10 each, issued at a premium of Rs. 5 per share, held by Mohan

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VT Ltd forfeited 200 shares of Rs. 10 each, issued at a premium of Rs. 5 per share, held by Mohan for non-payment of the final call of Rs. 3 per share. 100 out of these shares were reissued to Narendra at a discount of Rs. 4 per share. Journalise.

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Working Note:

Calculation Balance of Forfeiture of reissued shares

Capital Reserve

= Balance in share forfeiture after re-issue (per share) x Number of shares reissued

= Rs. 3 x 100 = Rs. 300

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