Allotment Of Shares

(Partial Allotment of Shares and their Forfeiture and Reissue). X applied for 2,000 shares of Rs. 10 each at a premium of Rs. 2.50 per share . He was allotted 1,000 shares. After having paid Rs. 3 per share on application, he did not pay the allotment money of Rs, 4.50 per share (including premium) and on his subsequent failure to pay the first call of Rs. 2 per share, his shares were forfeited. These shares were reissued @ Rs. 8 per share credited as fully paid-up. Pass Journal entries to record forfeiture and reissue of shares.

Yamuna Ltd., invited general public to subscribe for its public issue of ₹ 10 crore (10 lakh shares of ₹ 100 each ) through issue of prospectus . However , the company received applications for 8 lakh shares . Can the company proceed with allotment of shares ? Give reasons in support of your answer .

Raja Ltd. invited applications for issuing 50,000 Equity Shares of Rs. 10 each. The amount was payable as follows: {:("On application",-,"Rs. 3 per share,"),("On allotment",-,"RS. 5 per share,"),("On first and final call",-,"Balance".),(,,):} Applications for 70,000 shares were received. Allotment was made to all applicants on pro rata basis. Excess money received on application was adjusted towards sums due on allotment. Ramesh, who had applied for 700 shares, did not pay the allotment money and on his failure to pay the allotment money his shares were forfeited . Afterwards, the first and final call was made. Adhar, who had been allotted 500 shares, did not pay the first and final call. His shares were also forfeited. Out of the forfeited shares 900 shares were reissued at Rs. 8 pre share as fully paid-up. The reissued shares included all the shares of Ramesh. Pass necessary Journal entries for the above transactions in the books of the company.