[Ans. Transfer to Capital Reserve Q. 44. (a) X Ltd. forfeited 1,000 Equity shares of 10 each issued at a premium of *3 per share for the non-payment of final call of 6 (including premium) per share The forfeited shares were re-issued as fully paid up for *7 per share. Pass necessary journal entries in the books of the company. (b) Z Ltd. issued Equity shares of 100 each at a premium of 10 per share for the purchase of furniture of 99,000. Pass necessary journal entry for issue of shares. [Ans. Capital Reserve (a) *4,000 (b) Face value of shares issued 790,000.] 0.45. Pravui Ltd. forfeited 2,000 shares of 10 each, fully called up, on which