69 :- R.P. Ltd. Forfeited 1,500 shares of Rahim of Rs 10 each issued at a premium of Rs 3 per share for non-payment of allotment and first call money. Rahim had applied for 3,000 shares. On these shares, amount was payable as follows:
On Application Rs 3 per share
On Allotment (including premium) Rs 5 per share
On First Call Rs 3 per share
On Final Call Balance
Final Call has not been called up. 1,000 of the forfeited shares were reissued for Rs 8,500 as fully paid-up. Record the necessary Journal entries for the above transactions in the books of R.P. Ltd.
Solution :-
