Problem 1 ILLUSTRATION 1: (Problems on forfeiture of shares-originally issued at par) A company issues 5,000 shares of Rs10 each payable as follows Rs 2 on application, Rs 3 on allotment, Rs 3 on first call and Rs 2 on second and final call. Out of this a shareholder holding 200 shares has failed to pay the allotment money and call money therefore the management decided to Forfeited the shares and reissued all the 200 forfeited shares at Rs 9 as fully paid up. Pass necessary journal entries and prepare ledger accounts if necessary