During the year 2014-15, ABC Ltd., issued 10,000 Equity Shares of Rs. 50 each at Rs. 55 per share, payable as follows :
`{:("On Application","Rs. 15"),("On Allotment","Rs. 120 (including premium Rs. 5)"),("On 1st and Final Call","Rs. 20"):}`
All the issued shares were subscribed for by the public. On shareholder holding 500 shares did not pay the amount due on allotment and his shares were immediately forfeited. Another shareholder holding 100 shares paid the amount of the 1st and Final Call with allotment. After the company had made the 1st and Final Call, 200 of the forfeited shares were reissued as fully called up at Rs. 45 per share. The share issue expenses were Rs. 7,000 which were written off at the end of he year. You are required to pass journal entries in the books of the company for the year ending 31st March, 2015. Also prepare the Opening Balance Sheet.

Explanation