Question

Ashish Ltd. invited application fot 80,000 shares of Rs 10 each at a premium of Rs 2.50 per shares payable as follows: On application Rs 3 ; On allotment Rs 4.50 ( including premium ) ; On first Call Rs 2; On second Call Rs 3. Application were received for 170000 shares, out of which application for 10,000 shares were rejected and money refunded to them. The allotment was made pro - rata to the remaining application. Money over - paid on application was used against allotment money due. Anil to whom 2,000 shares were allotted failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited. Sunil, the holders of 1,200 shares failed to pay the two calls, and his shares were forfeited after the final call. Of the forfeitec shares 2,400 shares were reissued at the rate of Rs 8 Per share Credited as fully paid, including the whole of Anil's forfeited shares Show necessary Journal entries.​

Answer 1

Explanation:

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