Illustration 18 Raj Ltd. issued shares of t10 each at 10% premium payable as follows: On...

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Illustration 18 Raj Ltd. issued shares of t10 each at 10% premium payable as follows: On application 2; on allotment t 3 (including premium); on first call 2; and on final call 7 4. Aming for Shure Capital Anand, who was holding 50 shares did not pay his allotment and first call and his shares were forfeited. Sajan who was holding 30 shares, did not pay first call and his shares were also forfeited. Journalise transactions relating to forfeiture of shares assuming that final call was not made. 39 Illustration 18 Raj Ltd. issued shares of t10 each at 10% premium payable as follows: On application 2; on allotment t 3 (including premium); on first call 2; and on final call 7 4. Aming for Shure Capital Anand, who was holding 50 shares did not pay his allotment and first call and his shares were forfeited. Sajan who was holding 30 shares, did not pay first call and his shares were also forfeited. Journalise transactions relating to forfeiture of shares assuming that final call was not made. 39