(Answered) Q alfa ltd invited applications for issung 75000 equity

Accounting

Q. Alfa Ltd. Invited applications for issung 75,000 equity shares of Rs.10 each. The amount was payable as follows:

On application and allotment- Rs.4 per share

On first call-Rs.3 per share

On second call and final call- Balance

Application for 1,00,000 shares received. Shares were allotted to all the applicants on pro-rata basis and excess money received with applications was transferred towards sums due on first call. Vibha who was allotted 750 shares failed to pay the first call. Her shares were immediately forfeited. Afterwards the second call was made. The amount due on second call was also received except on 1000 shares,applied by Monika. Her shares were already forfeited. All the forfeited shares were re-issued to mohit for Rs.9,000 as fully paid.

Pass necessary journal entries in books of Alfa Ltd. for the above transactions.

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