Question

X Ltd. issued for public subscription 50,000 Equity Shares of 20 each at a premium of 10% payable as 4,9,5 and balance. Public applied for 90000 shares. Those who applied for 10000 shares were being rejected and pro-rata allotment was made to remaining applicants . ‘A’ who applied for 1600 shares failed to pay the allotment and calls and ‘B’ to whom 1500 shares were allotted failed to pay the two calls. These shares were subsequently forfeited after the second call. 2000 of the forfeited shares were re-issued @ 15 per share as fully paid up. The reissued shares included all shares of ‘B’. Give the necessary journal entries in the books of X Ltd. to record the abov​

Answer 1

Answer:

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