Question

X Ltd invited applications for issuing 80,000 equity shares of Rs 10 each at a premium of Rs 2 per share. The amount was payable as follows On application Rs 6 per share (including premium)
On allotment Rs 3 per share
On first and final call Balance amount
Applications for 90,000 shares were received. Applications for 5,000 shares were rejected and pro-rata allotment was made to the remaining applicant. Overpayment received on application was adjusted towards sum due on allotment. All calls were made and were duly received except the allotment and final call on 1,600 shares allotted to Vijay. These shares were forfeited and the forfeited shares were re-issued for Rs 18,400 fully paid-up.Pass necessary journal entries for the above transactions in the books of the company. (Delhi 2008)

Answer 1

Explanation:

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