XYZ limited has an authorized capital of ₹400000 divided into shares of ₹20 each the whole of which is issued and subscribed at a premium of ₹2 per shares . The amount was payable as follows : on application and allotment : ₹10 per share ; On first call ₹4 per share (including premium) and the balance as and when required.
The Company made both the calls. The application and allotment money was duly received. But a shareholder holding 2000 shares failed to pay both the calls and his shares were forfeiture . These shares were later re-issued at ₹ 14 per share as fully paid.
Give journal entries regarding the above.
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