JK Ltd. forfeited 6,000 equity shares of ₹10 each issued at a premium of ₹2 per share for the non-payment of first call of ₹2 per share. The second and final call of ₹2 per share had not yet been made. The forfeited shares were reissued at a discount of ₹3 per share fully paid up.    

Pass necessary journal entries for the above transactions in the books of the company.  Also prepare ‘Share Forfeiture Account’

Marks-4, CBSE: 2024-25/Zone-6/Set-1/Q-21