por mes Illustration 21 (Forfeiture of shares issued at a premium) ABC Ltd. issued 3,00,000 equity...

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por mes Illustration 21 (Forfeiture of shares issued at a premium) ABC Ltd. issued 3,00,000 equity shares of 10 each at a premium of * 2 per share, payable as to 3 on application, 5 on allotment (including premium) and the balance in two calls of equal amount. Applications were received for 4,00,000 shares and allotment was made on a pro-rata basis to all the applicants. The excess application money received was adjusted towards allotment. Sajan who was allotted 1,600 shares failed to pay both the calls and the shares were forfeited after the second call was made. Pass the necessary journal entries in the books of ABC Ltd. and also show the balance sheet. por mes Illustration 21 (Forfeiture of shares issued at a premium) ABC Ltd. issued 3,00,000 equity shares of 10 each at a premium of * 2 per share, payable as to 3 on application, 5 on allotment (including premium) and the balance in two calls of equal amount. Applications were received for 4,00,000 shares and allotment was made on a pro-rata basis to all the applicants. The excess application money received was adjusted towards allotment. Sajan who was allotted 1,600 shares failed to pay both the calls and the shares were forfeited after the second call was made. Pass the necessary journal entries in the books of ABC Ltd. and also show the balance sheet.