Shakti Ltd. Invited applications for issuing 2,00,000 equity shares of Rs. 100 each at a premium of ikas Rs. 10 per share.The amount was payable as follows: hint On application Rs. 40 per share(including premium) ener On allotment Rs. 30 per share and the balance on Sunday first and final call. Applications for 3,00,000 shares were received. Bil Applications for 40,000 shares were rejected and wa pro-rata allotment was made to the remaining (a) applicants. Over payments on applications were adjusted towards sum due on allotment. Manoj who (b) was allotted 2,000 shares failed to pay the allotment and first and final call money. His shares were forfeited. The forfeited shares were reissued at Aka Rs. 90 per share fully paid up.
Pass journal entries in the books of the company. Showing the workings clearly.