Question

XYZ Company Ltd. made a public issue of 20,000 equity shares of Rs. 100 each at
a premium of Rs. 10 each. The amount payable is as under:
On application Rs. 25
On allotment Rs. 35 (including premium)
On 1st call Rs. 30
On final call Rs. 20
All the shares were subscribed. When calls were made, except on 100 shares of
Mr. Arjun who failed to pay the first and final calls, all moneys were received. The
directors have forfeited these shares and reissued them at Rs. 75 each as fully paid
up. The share issue expenses amounted to Rs. 60,000.
Give the necessary journal entries.​

Answer 1

Answer:

Rs.840 is your correct answer

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