Pass necessary journal entries for forfeiture and re-issue of shares for the following transactions:

(i) Sierra Ltd. forfeited 500 shares of ₹10 each, issued at a premium of ₹2 per share (payable with allotment) for non-payment of allotment money of ₹5 per share (including premium). The first and final call of ₹3 per share was not made. All the forfeited shares were reissued at ₹11 per share, fully paid-up.

(ii) Mahira Ltd. forfeited 800 shares of 1₹0 each on which first call of ₹3 per share was not received. The second and final call of ₹2 per share was not yet called. Out of these, 400 shares were reissued as ₹8 paid-up for ₹7 per share. 

Marks-6, CBSE: 2024-25/Zone-7/Set-1/Q-23*