Pass necessary journal entries for forfeiture and reissue of forfeited shares in the following cases:

1. Macil Ltd. forfeited 3,000 shares of ₹100 each issued at 20% premium for the non-payment of allotment money of ₹30 per share and first call of ₹40 per share (including premium ₹10). The second and final call of ₹30 per share (including premium ₹10) was not yet called. Out of these, 2,000 shares were reissued at ₹80 per share paid up for ₹90 per share.

1. Avian Ltd. forfeited 10,000 shares of ₹10 each on which the first call of ₹4 per share was not received and the second and final call of ₹1 per share was not yet called. Out of these, 4,000 shares were reissued to Ajay as fully paid up for ₹9 per share. 

Marks-6, CBSE: 2024-25/Zone-1/Set-1/Q-25(b)