JK Ltd. forfeited $\displaystyle 6,000$ equity shares of $\displaystyle 10$ each issued at a premium of $\displaystyle 2$ per share for the non-payment of first call of $\displaystyle 2$ per share. The second and final call of $\displaystyle 2$ per share had not yet been made. The forfeited shares were reissued at a discount of $\displaystyle 3$ per share fully paid up. Pass necessary journal entries for the above transactions in the books of the company. Also prepare 'Share Forfeiture Account'.

In the books of JK Ltd. Journal Date Particulars L.F. Dr. Cr. Amount(₹) Amount(₹) Equity Share Capital A/c Dr. $\displaystyle 48,000$ To Shares Forfeited/Forfeiture A/c $\displaystyle 36,000$ To Equity Share First Call A/c / $\displaystyle 12,000$ To Calls in Arrears A/c ($\displaystyle 6,000$ equity shares, ₹$\displaystyle 8$ per share called up, forfeited for non payment of first call of ₹$\displaystyle 2$ per share) Bank A/c Dr. $\displaystyle 42,000$ Shares Forfeited/Forfeiture A/c Dr. $\displaystyle 18,000$ To Equity Share Capital A/c $\displaystyle 60,000$ ($\displaystyle 6,000$ equity shares re-issued at a discount of ₹$\displaystyle 3$ per share, fully paid-up) Shares Forfeited/Forfeiture A/c Dr. $\displaystyle 18,000$ To Capital Reserve A/c $\displaystyle 18,000$ (Gain on re-issue of shares transferred to capital reserve) Dr. Share Forfeiture/Forfeited A/c Cr. Particulars Amount(₹) Particulars Amount(₹) To Equity Share Capital A/c $\displaystyle 18,000$ By Equity Share Capital A/c $\displaystyle 36,000$ To Capital Reserve A/c $\displaystyle 18,000$ $\displaystyle 36,000$ $\displaystyle 36,000$