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.

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