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The Directors of a company forfeited 300 shares of Rs. 10 each issued at a premium of Rs. 3 per share, for the non-payment of the first call money of Rs. 2 per share. The final call of Rs. 2 per share has not been made. Half the forfeited shares were reissued at Rs. 1,500 as fully paid-up. Record the journal entries for the forfeiture and reissue of shares. 

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Working Note:

Capital Reserve = Balance in share forfeiture after re- issue Cr. (per share) x No. of shares re- issued 

= Rs 6 x 150

= Rs. 900

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