XYZ Ltd. Issued 1,50,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share payable Rs. 3 on application , Rs. 5 on allotment (including premium) and balance in two calls of equal amount. Applications were received for 200000 shares and pro-rata allotment was made to all the applicants. The excess application money was adjusted towards allotment. Mahesh who was allotted 400 shares failed to pay 1st and 2nd call and his shares were forfeited after the second call. Pass the necessary journal entries in the books of XYZ Ltd. And also show the Balance Sheet. (
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