Date Dr. Dr. L.F. Dr.(3) Cr. (3) 8,000 3,000 5,000 3,000 3,000 Particulars Share Capital A/C Securities Premium Reserve A/C To Share Allotment A/c To Share First Call A/C To Share Forfeiture A/C (Forfeiture of 1,000 shares of Kavita) Bank A/C Dr. Share Forfeiture A/C Dr. To Share Capital A/C (Re-issue of 400 shares at 36 per share as 8 per share called up) Share Forfeiture A/C Dr. To Capital Reserve A/c (Profit on 400 shares transferred to capital reserve) 2,400 800 3,200 400(2) 400 944 Dr. 3,300 3,000 300 Bank A/C To Share Capital A/C To Securities Premium Reserve A/C (300 shares re-issued, after sometime) Share Forfeiture A/C To Capital Reserve A/C (Profit on 200 shares transferred) Dr. 900(3) 900 400 shares and 300 shares have been re-issued at different intervals of time. Therefore, entry for their re-issue have been made separately. Note: (2) Profit on 1,000 shares = 13,000 Profit on 400 shares = 3,000 X (400 + 1,000) 1,200 Less : Loss on Re-issue 800 Transferred to Capital Reserve : Note: (3) Profit on 1,000 shares = 3,000 Profit on 300 shares = {3000 x (300 + 1,000) 1900 400 Q. 54. (a) X Ltd. forfeited 1,000 Equity shares of 10 each issued at a premium of 33 per share for the non-payment of final call of 76 (including premium) per share. The forfeited shares were re-issued as fully paid up for 1 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 299,000. Pass necessary journal entry for issue of shares