CBSE Accounting 2025 67/1/1 Set 1 Solved Paper Q25bii Forefeiture and Reissue of Shares

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