26. Space Ventures Limited was registered with an authorised capital of Rs 20,00,000 divided into 2,00,000 shares of Rs 10 each. The company offered 80,000 shares for public subscription payable Rs 4 on application and Rs 7 on allotment (including Rs 1 premium). Public had applied for 1,10,000 shares and pro-rata allotment was made in the ratio of 5:4. Remaining applications were rejected. Mukta, holding 6,000 shares failed to pay allotment money. Her shares were being forfeited and later re-issued 4,000 shares at a discount of Rs 2 per share. Pass necessary entries in the books of Space Ventures Ltd.
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