X Ltd. has offered 50,000 equity shares of ₹100 each at a premium of ₹20, payable as follows:
Allotment ₹40 (including premium)
and balance on first and final call.
The bank account of the company has received ₹35,00,000 on account of share application money.
X Ltd. decided to allot shares to all the applicants on Pro Rata basis. The balance in calls in arrears account at the time of allotment and first and final call amounted to ₹1,00,000 and ₹1,50,000 respectively. These shares were forfeited and re-issued at ₹90 per share as fully paid up. Journalize.