ABC Ltd offered for public subscription 10000 shares of Rs.10 each at Rs.11 per share. Money was payable as follows: Rs 3 on application, Rs 4 on allotment(including premiem), Rs 4 on first and final call.
Applications were received for Rs 12000 shares and the directors made pro-rata allotment. Akash who applied for 120 shares did not pay allotment and call money and Shalu, a holder of 200 shares, failed to pay the call. All these shares were forfeited. Out of the forfeited shares, 150 shares( including all the shares of Akash) were issued at Rs 8 per share. Pass necessary journal entries.
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