Question

Forfeiture and Reissue of Shares which were Allotted on Pro Rata
74. Alfa Ltd. invited applications for issuing 75,000 equity shares of 10 each. The amount was payable as follows:
On application and allotment. - 4 per share,
On first call
- 2 per share
On second and final call - balance
Applications for 1,00,000 shares were received. Shares were allotted to all the applicants on pro rata basis
and excess money received with applications was transferred towards sums due on first calVibha who
was allotted 750 shares failed to pay the first call. Her shares were immediately forfeited. Afterwards the
second call was made. The amount due on second call was also received except on 1.000 shares applied
by Monika Her shares were also forfeited. All the forfeited shares were reissued to Mohit for 9.000 as
fully paid up
Pass necessary Journal entries in the Books of Alfa Ltd. for the above transactions
(Delhi 2015)
Ansva​

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