Mayank Ltd. invited applications for issuing 70,000 equity shares of ₹100 each. The amount was payable as follows:

On Application ₹20 per share

On Allotment ₹40 per share

On First call ₹20 per share

On Second and Final Call Balance

Applications for 1,00,000 shares were received and allotment was made to all the applicants on pro-rata basis. Excess application money received with application was adjusted towards sums due on allotment. Jay, a shareholder who had applied for 1,000 shares, failed to pay the allotment money and his shares were forfeited immediately after the allotment. Afterwards the first call was made.

Meenakshi, the shareholder of 1,400 shares, failed to pay the first call money and her shares were forfeited just after the first call. The second and final call has not been made.

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

Marks-6, CBSE: 2024-25/Zone-7/Set-1/Q-23*