Record the journal entries for forfeiture and reissue of shares in the following cases:(i) Basak Ltd. forfeited 20 shares of Rs. 10 each, Rs. 7 called-up on which the shareholder had paid application and allotment money of Rs. 5 per share. Out of these, 15 shares were reissued to Naresh as Rs. 7 per share paid-up for Rs. 8 per share.(ii) Y Ltd. forfeited 90 shares of Rs. 10 each, Rs. 8 called-up issued at a premium of Rs. 2 per share to ‘R‘ for non-payment of allotment money of Rs. 5 per share (including premium). Out of these, 80 shares were reissued to Sanjay as Rs. 8 called-up for Rs. 10 per share.


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