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9. Anjana Ltd. issued for public subscriptions 60,000 shares of Rs. 10 each at a
premium of Rs. 2 per share payable as under :
non application
Rs. 2 per share
on allotment
Rs. 5 per share (including premium)
of first call
Rs. 2 per share
on final call
Rs. 3 per share
Applications were received for 90,000 shares. Allotment was made pro-rata
to the applicants for 72,000 shares. The remaining applications were refused.
Excess money on applications was adjusted with allotment. Babu to whom 2,400
shares were allotted failed to pay the money due on allotment, first and second
calls. Biju to whom 3,000 shares were allotted failed to pay two calls. These
shares were subsequently forfeited after the second call was made. All the
forfeited shares were reissued to Bumpy as fully paid up at Rs. 8 per share.
Show the necessary journal entries.
TAnsAmount forfeited Ro
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