Blue Star Ltd.' was registered with an authorised capital of Rs. 2,00,000 divided into 20,000 shares of Rs. 10 each . 6,000 of these shares were issued to the vendor for building purchased . 8,000 shares were issued to the public and Rs. 5 per share were called-up as follows:
On application-Rs. 2 per share,
On allotment-Rs. 1 per share,
On first call-Balance of the called-up amount.
The amounts received on these shares were as follows:
On 6,000 shares-Full amount called,
On 1,250 shares-Rs. 3 per share,
On 750 shares-Rs. 2 per share.
The directors forfeited 750 shares on which Rs. 2 per share were received. Pass necessary Journal entries for the above transactions in the books of Blue Star Ltd.