Sangits Limited invited applications for issuing 60,000 shares of Rs. 10 each at par. The amount was payable as follows :
`{:("On Application","Rs. 2 per share"),("On Allotment","Rs. 3 per share"),("On First and Final Call","Rs. 5 per share"):}`
Applications were received for 92,000 shares. Allotmetn was made on the following basis :
`{:((i),"To applicants for 40,000 shares",-,"Full"),((ii),"To applicants for 50,000 shares",-,40%),((iii),"To applicants for 2,000 shares",-,"Nil"):}`
Rs. 1,08,000 was realised on account of allotment (excluding the amount carried from application money) and Rs. 2,50,000 on account of call. The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue. Pass journal entries in the books of Sangita Limited to record the above transactions.

Explanation

Working Note (1)
Calculation of Number of shares on which allotment money is not received :
`{:(,,"Rs."),("Total amount due on allotment 60,000 Shares" xx Rs. 3,=,"1,80,000"),("Less : Excess received on application",,),(" (50,000 shares - 40% i.e., 20,000 shares)"xx Rs. 2,,ul(" 60,000")),(,,"1,20,000"),("Less : Allotment money received",,ul("1,08,000")),(" Amount not received on allotment",,ul(" 12,000")):}`
Hence, Number of shares on which allotment is not received `=(12,000)/(Rs. 3)=4,000` shares.