XL Ltd. invited applications for issuing 1,00,000 equity shares of Rs. 10 each at par. The amount was payable as follows:
On Application Rs. 3 per share.
On Allotment Rs. 4 per share.
On First and Final Call Rs. 3 per share.
The issue was over-subscribed by three times. Applications for 20% shares were rejected and the money refunded. Allotment was made to the remaining applicants as follows:
No. of Shares Applied
No. of Shares Allotted
Excess money received with applications was adjusted towards sums due on allotment and first and final call. All calls were made and were duly received except the final call by a shareholder belonging to Category I who has applied for 320 shares.
His shares were forfeited. The forfeited shares were re-issued at Rs. 15 per share fully paid up.
Pass necessary Journal entries for the above transactions in the book of XL Ltd. open calls in-arrears and calls in advance account whenever required.