A company offered 1,00,000 shares of Rs. 10 each payable as Rs. 3 on application, Rs. 2.50 on allotment, Rs. 2, 50 on 1st call and Rs. 2 on the final call.
The public applied for 1,52,000 shares. The shares were allotted on a pro-rata basis to the applicants of 1,50,000 shares. All shareholder who was allotted 200 shares. These shares were forfeited. The first call was made thereafter. The forfeited shares were re-issued @ Rs. 9 per share Rs. 8 paid up. The final call was not yet made.
You are required to pass journal entries.