X Ltd issued 40000 shares of 10each at a premium of 2.50 per share. The amt. Was payable as follows: Application rs2 per share Allotment rs 4.50 per share(including premium) Call rs 6per share Owing to heavy subscription the allotment was made on pro rata basis as follows : (a) applicants for 20,000shares were allotted 10,000 shares. (b) applicants for 56,000 shares were allotted 14,000 shares. (c) applicants for 48,000shares were allotted 16,000 shares. It was decided that excess amt. Received on application would be utilized on allotment and surplus would be refunded. Ram, to whom 1,000shares were allotted, who belong to category (a), failed to pay allotment money. His shares were forfeited after the call. Pass the necessary journal entries in the books of X Ltd for above transactions.
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