Zen Ltd. issued 10,000 Equity shares of Rs. 10 each at a premium of Rs. 3 per share payable as:
`{:("On Application",,"Rs. 4,"),("On Allotment",,"RS. 5 (including premium),"),("On First Call",,"Rs. 2,"),(,,),(,,):}`
Application were received for 12,000 shares.The company made pro rata allotment to all the applicants. One shareholder who was allotted 900 shares paid the entire amount with allotment while another shareholder who had applied for 1,200 shares, failed to pay the allotment money and on his subsequent failure to pay the first call his shares were forfeited.
Of the forfeited shares, 800 were reissued at Rs. 7 per share.
You are required to prepare:
(i) Shares Allotment Account.
(ii) Securities Premium Reserve Account.
(iii) Shares Forfeiture Account.
(iv) Calls-in-Arrears Account.