Manika Ltd. forfeited 500 shares of Rs. 100 each for non-payment of first call of Rs. 20 per share and second and final call of Rs. 25 per share. 250 of these shares were reissued at Rs. 50 per share fully paid up. Pass the Journal Entries for forfeiture and reissue of shares.

Marks-3, CBSE: 2023-24/Zone-4/Set-1/Q-18*