KL Ltd. invited applications for issuing 1,00,000 equity shares of Rs. 10 each at par. The amount was payable as follows:
On Application-Rs. 3 per share,
On Allotment-Rs. 4 per share, and
On First and Final Call-Rs. 3 per share.
The issue was oversubscribed by three times. Applications for 20% shares were rejected and the money refunded. Allotment was made to the remaining applicants as follows:
`{:("Category","No. of Shares Applied","No. of Shares Allotted",),(" I"," 1,60,000"," 80,000",),(" II"," 80,000"," 20,000",),(,,,):}`
Excess money received with applications was adjusted towards sums due on allotment and first and final call. All calls were made and were duly received except the final call by a shareholder belonging to Category I who has applied for 320 shares. His shares were forfeited. The forfeited shares were reissued at Rs. 15 per share fully paid-up.
Pass necessary Journal entries for the above transactions in the book of XL Ltd. Open Calls-in-Arrears and Calls-in-Advance Account whenever required.