100 :- Arvind Ltd. issued 20,000 shares of Rs 10 each at a premium of Rs 2 per share payable as:
On Application Rs 6
On Allotment Rs 3 (including premium)
On First Call Rs 2
On Second and Final Call Rs 1
Applications were received for 30,000 shares. Applications for 6,000 shares were rejected and pro rata allotment was made to the remaining applicants.
Abhay, who was allotted 500 shares failed to pay allotment money and on his subsequent failure to pay the first call his shares were forfeited. Of these, 300 shares were reissued as fully paid-up for Rs 6 per share.
Journalise the transactions to record the forfeiture and reissue of shares.
Solution :-
