M/s Herbal Tea Plantations Ltd. was registered with a capital of Rs 1 crore divided intoequity shares of Rs 100 each. The company offered to public 50000 shares at a premiumof Rs 20 per share. The amount on shares was payable as : Rs 25 on application Rs 50(including Rs 20 premium) on allotment Rs 20 on first call and Rs 25 on final call.Applications were received for 75000 shares. Shares were alloted to the applicants onprorata basis. Kanti Bhai who was allotted 500 shares did not pay the allotment money. Healso failed to pay the first call. His shares were forfeited. Sheetal was holding 200 sharesdid not pay the first call. Final call was not made. 

Make journal entries in the books of thecompany.

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In the books of Ms Herbal Tea Plantations Ltd the following journal entries need to be made to recor... View the full answer