Western Limited issued a prospectus offering 10,000 equity shares of Shs. 10 each at a par payable

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Question:

Western Limited issued a prospectus offering 10,000 equity shares of Shs. 10 each at a par payable as follows: On application and allotment Shs. 2; on first call Shs. 4 and on final call Shs. 4. Sameer, the holder of 500 equity shares did not pay the amount due on both the calls. These 500 shares were forfeited by the Board of Directors and of these 300 shares were subsequently reissued at Shs. 9 per share.
Required:
Pass Journal entries and also prepare opening Balance Sheet.
(4marks)