Question

1.3. New line Ltd. issued 20.000 shares of Rs. 10 each at a premium of Rs. 2 payable as
follows:
On application Rs. 2
On allotment Rs. 5 (including premium)
On first call Rs. 2
On final call Rs. 3
Applications for 15,000 shares were received and all these shares were allotted. The first
call was made and the amount due thereon was received except the amount on 500
shares. Hence, these shares were forfeited and reissued at Rs.7 each, as fully paid up.
Pass journal entries in the books of the company.​

Answer 1

Answer:

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