X Ltd., invited applications for 20,000 shares of Rs. 10 each payable as under : Rs. 3 per shar
Channel: Doubtnut
Date: 2020-04-26

X Ltd., invited applications for 20,000 shares of Rs. 10 each payable as under : Rs. 3 per share on application, Rs. 3 per share on Allotment, Rs. 2 per share on First Call, and Rs. 2 per share on Final Call. Final Call was not made by the company. An applicant who had been allotted 100 shares failed to pay Allotment and First Call money due from him. His shares were forfeited after the First Call and were immediately re-issued at Rs. 8.50 per share. Make necessary entries in the Journal of the company.