X Ltd. issued a propspectus offering 2,00,000 shares of Rs. 10 each at Rs. 14 per share, pa
Channel: Doubtnut
Date: 2020-04-26

X Ltd. issued a propspectus offering 2,00,000 shares of Rs. 10 each at Rs. 14 per share, payable as follows :  `{:("On Application","Rs. 4"),("On Allotment","Rs. 6 (including premium Rs. 4)"),("On First Call","Rs. 3"),("On Final Call","Balance"):}`  Dinesh, the holder of 1,000 shares, did not pay the amount due on allotment and first call. His shares were forfeited and 400 of these shares were immediately re-issued credited Rs. 9 paid for Rs. 8.40 per share. Final call was made afterwards and it was duly received. Show entries in the Cash Book and the Journal of the company.