Question

Arora Ltd issued a prospectus inviting applications for 20,000 shares of 10 each at a
premium of 2 per share payable as follows

On application 2, on allotment 5 (including premium), on first call 3, on second
and final call 2. Applications were received for 30,000 shares and pro-rata allotment
was made on the applications for 24,000 shares. Money overpaid on application was
employed on account of sum due on allotment.
Sanchit, to whom 400 shares were allotted, failed to pay the allotment money and on
his subsequent failure to pay the first call, his shares were forfeited. Parth, the holder
of 600 shares, failed to pay the two calls and his shares were forfeited after the second
call. Of the shares forfeited, 800 shares were sold to Siddharth credited as fully paid
for 9 per share, the whole of Sanchit's shares being included. Show the journal
entries.​

Answer 1

Answer:

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