| On Application and Allotment | Rs. 14 per share (including premium of Rs. 10) |
| On First Call | Rs. 8 per share (including premium of Rs. 5) |
| On Final Call | Rs. 8 per share (including premium of Rs. 5) |
Applications for 96,000 shares were received. Rohit, a shareholder holding 7,000 shares, failed to pay both the calls and Namit, a holder of 5,000 shares, did not pay the final call.
Shares of Rohit and Namit were forfeited. Of the forfeited shares 8,000 shares including all the shares of Rohit were reissued to Reena at Rs. 8 per share fully paid-up.
Pass necessary journal entries for the above transactions in the books of Sukanya Ltd.
Solution
