Poonam Ltd. forfeited 2,00,000 equity shares of T 10 each issued at a premium of t 5 per share for the non - payment of the first call of t 2 per…

In the books of Poonam Ltd. Journal Date Particulars L.F. Dr. Cr. Amount(₹) Amount(₹) Equity Share Capital A/c Dr. $\displaystyle 14,00,000$ To Shares Forfeited / Forfeiture A/c $\displaystyle 10,00,000$ To Equity Share First Call A/c / $\displaystyle 4,00,000$ To Calls in Arrears A/c ($\displaystyle 2,00,000$ equity shares, ₹$\displaystyle 7$ per share called up, forfeited for non-payment of first call of ₹$\displaystyle 2$ per share) Bank A/c Dr. $\displaystyle 18,00,000$ Shares Forfeited/Forfeiture A/c Dr. $\displaystyle 2,00,000$ To Equity Share Capital A/c $\displaystyle 20,00,000$ ($\displaystyle 2,00,000$ equity shares re-issued at a discount of ₹$\displaystyle 1$ per share, fully paid-up) Shares Forfeited/Forfeiture A/c Dr. $\displaystyle 8,00,000$ To Capital Reserve A/c $\displaystyle 8,00,000$ (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 $\displaystyle 2,00,000$ By Equity Share Capital A/c $\displaystyle 10,00,000$ To Capital Reserve A/c $\displaystyle 8,00,000$ $\displaystyle 10,00,000$ $\displaystyle 10,00,000$