was formed for the purpose of purchasing 'K' Ltd. and was registered with a nominal capital of 4,00,000 divided into 4000 equity shares of 100 each. 2000 shares were issued as fully paid to the venders in part payment of purchase consideration. The remaining 2000 shares were offered for public subscription at a premium of 5 per share,payable as follows:
10 on application, 25 on allotment (including premium),
40 on first call and 30 on final call.
Applications were received for 1800 shares which were duly allotted and the allotment money was duly received. At the time of first call, a shareholder who held 200 shares failed to pay the first call money and his shares were forfeited. These shares were reissued at 60 per share, 70 per share paid up. Final call has not been made. You are required to give (i) necessary journal entries and (ii) show the balance sheet. of the company.
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balance of the money is ₹ 61,98,643
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remaining money = 61,48,670
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