During the course of the meeting of Board of directors' of Yana Ltd., it has been decided to forfeit the 500 shares held by Aasha on account of non-payment of the call amount of ₹ 4 per share. It has been informed that t

Journals of Yana Ltd. S. No. Particulars Rs. Rs. 1. Equity share capital a/c Dr. 5,000 To Share forfeiture a/c 3,000 To Calls in arrear a/c 2,000 (being forfeiture of 500 shares for non-payment of first call) 2. Bank a/c Dr. 2,700 Share forfeiture a/c Dr. 300 To Equity share capital a/c 3,000 (being re-issue of 300 forfeited shares @ ₹ 9 per share) 3. Share forfeiture a/c Dr. 1,500 To Capital Reserve A/c 1,500 (being amount already received in respect of forfeited shares @ ₹ 6 per share transferred to Capital reserve a/c after adjustment of discount on re-issue of forfeited share.)