(Comprehensive Illustration).
Green Ltd. was registered with an authorised capital of Rs. 2,00,000 in Rs. 10 per equity share, of these 6,000 Equity Shares issued as fully paid to the vendor for purchase of building, 8,000 Equity Shares were issued for subscription and during the first year Rs. 5 per Equity Share were called-up, payable Rs. 2 on application, Rs. 1 on allotment, Rs. 1 on first call and Rs. 1 on second call. The amounts received in respect of these shares were:
On 6,000 Equity Shares the full amount was received,
On 1,250 shares Rs. 4 per Equity Share,
On 500 shares Rs. 3 per Equity Share,
On 250 shares Rs. 2 per Equity Share.
The company forfeited 750 Equity Shares on which less than Rs. 4 per Equity Share had been paid. Pass Journal entries in the books of the company and also show share capital in its Balance Sheet .