Vikram Ltd. issued 50,000 shares of Rs. 10 each at a premium of Rs. 1 per share payable as follows :
Rs. 3 on Application
Rs. 4 on Allotment (including premium)
Rs. 2 on Ist Call
Balance when required
Applications were received for 46,000 shares and all of these were accepted. Directors did not make the final call. The shares were forfeited and re-issued at Rs. 7 per share, Rs. 8 per share paid. Pass Cash at Bank and Journal Entries.