Y Ltd. invited applications for issuing 15,000 equity shares of Rs. 10 each on which R
Channel: Doubtnut
Date: 26/04/2020

Y Ltd. invited applications for issuing 15,000 equity shares of Rs. 10 each on which Rs. 6 share were called up, which were payable as follows :  `{:("On application","Rs. 2 per share"),("On allotment","Rs. 1 per share"),("On first","Rs. 3 per share"):}`  The issue was fully subscribed and the amount was received as follows :  `{:("On 10,000 shares",-,"Rs. 6 per share"),("On 3,000 shares",-,"Rs. 3 per share"),("On 2,000 shares",-,"Rs. 2 per share"):}`  The directors forfeited those shares on which less than Rs. 6 per share were received. The forfeited shares were re-issued at Rs. 9 per share, as Rs. 6 per share paid up. Pass necessary journal entries for the above transactions in the books of the company.