93 :- Telecom Ltd.; issued 20,000 Equity Shares of Rs 10 each at a premium of Rs 5 per share, payable as: Rs 7 (including premium) on application, Rs 5 on allotment and the balance after three months of allotment. A shareholder to whom 200 shares were allotted failed to pay the allotment and call money and his shares were forfeited. 160 of the forfeited shares were reissued for Rs 1,600.
Pass necessary entries in company’s Journal, prepare Ledger Accounts and the Balance Sheet.
Solution :-
