77 :- Slow and Steady Ltd. Invited applications for allotment of 10,000 Equity Shares of Rs 10 each from public. The amount of these shares was payable as:
On Application Rs 1 per share, on Allotment Rs 2 per share, on first call Rs 3 per share and on second and final call Rs 4 per share.
Amounts payable on application, allotment and calls were duly received with the following exceptions:
(i) A, who held 200 shares, failed to pay the money on allotment and calls.
(ii) B, to whom 150 shares were alloted, failed to pay the money on first call and final call.
(iii) C, who held 50 shares, did not pay the amount of second and final call.
The shares of A, B and C were forfeited and were subsequently reissued for cash as fully paid-up at a discount of 5%.
Pass necessary Journal entries to record these transactions in the books of the company.
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