Illustration 28 (Reissue of forfeited shares at a discount which were issued at par Ram Co....

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Illustration 28 (Reissue of forfeited shares at a discount which were issued at par Ram Co. Ltd., issued 10,000 equity shares of t 10 each. The issue was fully subscribed The amount on shares is payable as follows: on Application 2 per share on Allotment 3 per share on first & final call 75 per share All money payable on application, allotment and call have been duly received with the following exceptions: (1) Rajan who holds 100 shares failed to pay the money on allotment and first & final call. Sajan, to whom 50 shares have been allotted, failed to pay the money on first & final call. The shares of Rajan and Sajan were forfeited and were subsequently reissued for cash as fully paid at a discount of 10 per cent. Pass journal entries to record the above transactions of share capital on the assumption that the company maintains Calls-in-Arrears Account. Illustration 28 (Reissue of forfeited shares at a discount which were issued at par Ram Co. Ltd., issued 10,000 equity shares of t 10 each. The issue was fully subscribed The amount on shares is payable as follows: on Application 2 per share on Allotment 3 per share on first & final call 75 per share All money payable on application, allotment and call have been duly received with the following exceptions: (1) Rajan who holds 100 shares failed to pay the money on allotment and first & final call. Sajan, to whom 50 shares have been allotted, failed to pay the money on first & final call. The shares of Rajan and Sajan were forfeited and were subsequently reissued for cash as fully paid at a discount of 10 per cent. Pass journal entries to record the above transactions of share capital on the assumption that the company maintains Calls-in-Arrears Account.