[ISC] Q. 53 Solution of Share Capital TS Grewal ISC 2023-24 Edition

Wye Ltd. issued 20,000 shares of ₹ 20 each payable as follows:

1. On application ₹ 4; On allotment ₹ 4;
2. On first call ₹ 6; On second and final call ₹ 6

All the moneys were received except the following:

1. Bikash: 500 shares, has not paid the allotment, the first call and the final call.
2. Bikram: 300 shares, has not paid the first call and the final call.
3. Charnesh: 200 shares, has not paid the final call.

All the above shares were forfeited and reissued in the following manner:

Shares of Bikash @ ₹ 18 per share, Shares of Bikram @ ₹ 16 per share, and Shares of Charnesh @ ₹ 15 per share.

Pass Journal entries regarding the forfeiture and reissue of shares.