Question

Sunrise Ltd. Issued 30,000 shares of 10 each at par, payable as follows:
3 per share on Application:
3 per share on Allotment;
Balance on First and Final Call.
The applications were received for 50,000 shares. Applications for 10,000 shares were rejected
and allotment was made on pro rata basis to the remaining applicants.
Namesh who had applied for 1600 shares failed to pay the amount due on allotment and call.
The company forfeited his share. Later on, out of the forfeited shares, company reissued 800
shares at 10 per share as fully paid-up.
Pass necessary Journal entries in the books of Sunrise Ltd

Answer 1

Answer:

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