X Ltd. was registerd with an authorised capital of 2,00,000 shares of Rs. 10 each. It purchased assets of Y Ltd. for Rs. 3,00,000 and issued fully paid shares for purchase consideration. It also invited applications for 1,20,000 shares payable as under :
Rs. 2.50 on application
Rs. 2.50 on allotment
Rs. 2 on first call and Rs. 3 on final call.
Sarkar, who had been allotted 400 shares failed to pay the final call. His shares were forfited and re-issued at Rs. 8.50 per share as fully paid up. Pass entries in the Cash Book and Journal. Show the Share Capital in the Balance Sheet of the Company.