Question

Illustration 19
Divyansh Ltd. issued 2,00,000 shares of 10 each. The amount was payable as
follows: On Application <3, On Allotment 5, On First and Final Call = 2.
Applications were received for 3,00,000 shares and pro-rata allotment was made to all
the applicants. Gaurav to whom 3,000 shares were allotted failed to pay allotment and call
money and his shares were forfeited. Out of the forfeited shares 2,500 shares were
re-issued as fully paid-up @ 8 per share.
Pass the necessary Journal entries by showing the workings clearly.​

Answer 1

Answer:

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