Beta Ltd's capital consists of 100,000 ordinary shares issued at $3.00 and paid to $2.50 per share. On 1 April 2020, a call of $0.50 was made on the ordinary shares. By 30 April 2020, the call money received amounted received, and on 31 May 2020, the shares on which calls were outstanding were forfeited. On 15 June 2020, the forfeited

sh

payment of $2.80 per share. Amount from the reissue was received on 19 June 2020. Costs of reissue amounted to $3,500. any surplus on resale, after satisfaction of unpaid calls, accrued interest and costs, to be returned to the shareholders

what is

The entries to record the forfeiture of shares on 31 May 2020 are: