Alfa Ltd. issued 5,000 shares of Rs. 100 each at par. The amount payqable was as un
Channel: Doubtnut
Date: 2020-04-26

Alfa Ltd. issued 5,000 shares of Rs. 100 each at par. The amount payqable was as under :  Rs. 25 on application,  Rs. 25 on allotment,  Rs. 20 on first call, and  Rs. 30 on final call.  The company did not make final call. X, a holder of 100 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at Rs. 6,500.  Pass Journal entries in the books of the company and show the Share Capital in the Balance Sheet.