On March 1,2016, the Directors of Sahara Ltd. issued 10,000 Equity Shares of Rs. 100 each at Rs. 125 per share, payable Rs. 50 on application (including premium), Rs. 45 on allotment and the balance on 1st June, 2016. The lists closed on March 10,2016 by which date applications for 16,000 shares were recieved. Of the cash received, Rs. 50,000 was returned and Rs. 2,50,000 was applied to the amount due on allotment, the balance of which was paid on March 16, 2016. Call money was received on 1st June, 2016 with the exception of one allottee of 200 shares. These shares were forfeited on October 15,2016 and reissued as fully paid at Rs. 110 per share on December 3,2016. Record necessary journal entries in the books of Sahara Ltd. using a joint account of application and allotment.

Explanation

Capital Reserve Rs. 14,000.