Alpa Company was newly formed with an authorized capital of Rs.5,00,000/- divided into 50,000/-?shares of Rs.10/- each. On 1 st Jan. 2008 the company issued 25,000 shares at a premium of Rs.2/-?per share payable as under on Application Rs.2/-, Allotment Rs.5/- (including premium) on Call?Rs.5/-. (one month after allotment)
The issue was over subscribed to the extent of 5,000 shares. The directors went on to allotment?on 10th January & on the same date the excess money received on application was returned. All?money due on allotment & on calls was received with the following exceptions.
a) Shri Kulkarni who failed to pay the allotment & call money on 100 shares allotted to him, &
b) Mr. Joshi who failed to pay the call money on 200 shares allotted to him.
On 31st March, 2008 the directors Forfeited the shares on which Rs.7/- or less than Rs.7/-?(including premium) had been received. They re-issued the shares so Forfeited to Shri Kamat at?Rs.10/- per share. ?
Pass the journal entries (including cash) to record the above in the books of Alpa Company Ltd.
