Question

58. Akarshan Ltd. invited applications for 10,000 Equity Shares of 10 each for public subscription
On application I per share, on allotment 2 per share, on first call 3 per share and on secondo
All sums payable on application, allotment and calls were duly received with the following exception
amount of these shares was payable as:
P 4 per share
(0) Muskan, who held 200 shares, failed to pay the money on allotment and calls
(10) Akriti, to whom 150 shares were allotted, failed to pay the money on first call and final can
(1) Charu, who held 50 shares, did not pay the amount of final call.
The shares of Muskan, Akriti and Charu were forfeited and were subsequently reissued for cash
fully paid at a discount of 5%.
Give necessary Journal entries to record these share capital transactions in the books of Akarshan to Ltd.
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Answer 1

Explanation:

I have not given the clarification though u can give it ur self like the share was forfeited n reissued.