Akash Co.Ltd. issued 40000 equity shares of Rs. 10 each at a premium of Rs. 2 per share to the public, payable as follows:
Rs. 3 on application,
Rs. 4 on Allotment (including premium)
Rs. 3 on first call
Rs. 2 on final call.
All the shares subscribed and the money duly received except on final call on 800 shares. The Directors forfeited these shares and re-issued them as fully paid up at Rs.7 per share.
Pass the necessary Journal Entries related to the above information.
