Question

1. X Ltd issued for Public subscription 1,00,000 equity shares of Rs. 10 each at a premium of Rs.5 per
share payable as under:
On Application
On Allotment
On First and Final call
Rs.5
Rs.7 (including premium Rs.5)
Rs.3
Applications were received for1,50,000 shares. Allotment was made pro-rata to all the applicants
and the money overpaid on application was utilized towards sums due on allotment.
Suruchi who applied for 1,800 shares failed to pay the allotment and call money and the shares
were subsequently forfeited. Two-third of the forfeited shares were re-issued to Supriya as fully
paid up to Rs.8 per share. Show the journal entries to record the above transactions. Show your
working notes dearly.​

Answer 1

Step-by-step explanation:

I I think it is correct