The following is the abstract of Balance Sheet of Happy Ltd. as on 31st March, 2024: Issued and paid-up capital 90,000 Equity shares of 10 each fully paid-up Less: Calls-in-arrear (10, 000 Equity shares of 2 each) 40,000 Equity shares of ₹ 10 each, 4 cash paid-up Reserves and Surplus: Capital Reserve (realized in cash) Capital Redemption Reserves Securities Premium General Reserve Profit and Loss Account 9,00,000 20,000 8,80,000 1,60,000 60,000 1,60,000 1,00,000 1,20,000 7,00,000 On 1st April, 2024, the company makes final call @ 6 each on 40,000 equity shares. The call money is duly received by 30th April, 2024. On 1st May, 2024, the Board of Directors of the company decided: (i) To forfeit the share on which final call of 2 each is due; (ii) To re-issue the forfeited share @ ₹ 11 each as fully paid up; (iii) To issue fully paid bonus shares in the ratio of one fully paid bonus share for every two fully paid shares held; and (iv) To use minimum balance of Profit and Loss Account. Pass necessary journal entries in the books of the company on the basis of the above decisions. [June 2024, 10 Marks]