A Company Limited issued 5,000 shares of Rs. 100 each payable as under: [HSEB 2064]
On application
Rs. 40
On allotment
Rs. 30
On first and final call
Rs. 30
Applications were received for 8,000 shares, allotment were made on the following basis:
To applicants for 3,000 shares
Full
To applicants for 4,000 shares
.2,000 shares
To applicants for 1,000 shares
.Nil
All excess amount paid on application is to be adjusted against amount due on allotment and subsequent calls. The
shares were fully called and paid up except one shareholder to whom 100 shares were allotted failed to pay on first and
final calls and his shares were forfeited.
Required: Journal entries for (a) Allotment (b) First and final call and (c) Forfeiture