Cemto Ltd. forfeited 6,000 shares of Rs.  10 each issued at a premium of Rs.  2 per share for the non-payment of final call of Rs.  3 per share. 300 of the forfeited shares were reissued for Rs.  8 per share as fully paid up.

Pass necessary journal entries for the forfeiture and re-issue of shares. Also prepare share forfeited account.

Marks-4, CBSE:2016-17/Comp-AI/Q-12

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