Vanshika Sinha started a firm, naming it Rangoli Colors Limited, with an authorized capital of ₹2,00,000, with 12% preference shares of ₹100 each and 3,00,000 equity shares of ₹100 each, payable as follows:

Applications were received for the 12 per cent preference shares in full and 3,20,000 equity shares. The application of 20,000 shares was rejected. Damayanti, to whom 5,000 equity shares were allotted, failed to pay the allotment money. On a subsequent failure to pay the first call money, his shares were forfeited. All these shares were re-issued to Kartik for ₹90 per share, as fully paid. Prepare the journal entries, cashbook and balance sheet of Rangoli Colors Limited.

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On application On allotment On first call On final Call Preference shares 25 Per share 25 Per share 50 Per share Equity shares 25 Per share 30 Per share 20 Per share 25 Per share