Pass journal entries for the following transactions:

  1. AXN Ltd. forfeited 2,400 shares of 10 each for non-payment of final call of 3 per share. Out of the forfeited shares, 800 shares were reissued at 8 per share as fully paid-up.

Vanya Ltd. purchased a running business from Hardik Ltd. for a sum of 18,00,000. The payment of 10,00,000 was made by issue of equity shares of 10 each and balance by a cheque. The assets and liabilities acquired from Hardik Ltd. consisted the following:

Machinery 9,00,000
Land and Building 13,50,000
Furniture 8,50,000
Sundry Creditors 3,00,000

Marks-8, CBSE:2020-21/Compartment/Q-22*

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