Julies Ltd. issued for public subscription 50,000 shares of the value of R 10 each at a premium of Rs 2 per share payable as 3 on application, 5 including premium on allotment and balance on call. The company received applications for 92,000 shares. The allotment was done as under: a) Applicants of 40,000 shares were allotted 30,000 shares. b) Applicants of 30,000 shares were allotted 20,000 shares. c)Remaining applicants were sent letter to regret. Money in excess of allotment was returned. Raman, a shareholder who was allotted 1,500 shares out of the group (a) did not pay any money other than application money. Krishna, a shareholder who had applied for 600 shares out of group (b) paid the call money along with the allotment. Raman's shares were forfeited after calls and later reissued at R 12 per share. Pass the Journal Entries to record the above transactions in the books of the Company.
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