Alfa Ltd. issued 5,000 shares of Rs. 100 each at par. The amount payqable was as under :
Rs. 25 on application,
Rs. 25 on allotment,
Rs. 20 on first call, and
Rs. 30 on final call.
The company did not make final call. X, a holder of 100 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at Rs. 6,500. Pass Journal entries in the books of the company and show the Share Capital in the Balance Sheet.

Explanation

Cash at Bank Rs. 3,52, 000, Share Capital Rs. 3,50,000, Capital Reserve Rs. 2,000.