Question

ajay holds 100 shares of ₹10 each on which he has paid ₹5 per share (₹3on application and ₹2 on allotment including ₹1 as premium payable on allotment ) as application and allotment money but has failed to pay the call of ₹ 6 per share ​

Answer 1

Explanation:

share capital a/c 1000

to share forfeited AlC

400 to calls in arrears a/c600