Rolga Ltd. is having an authorised capital of Rs.50,00,000 divided into equity shares of Rs.100 each. The company offered 42,000 shares to the public. The amount payable was as follows:
——-On Application – Rs.30 per share
——-On Allotment – Rs.40 per share (including premium)
——-On First and Final Call – Rs.50 per share
Applications were received for 40,000 shares.
All sums were duly received except the following:
Lal, a holder of 100 shares did not pay allotment and call money. Pal, a holder of 200 shares did not pay call money. The company forfeited the shares of Lal and Pal. Subsequently, the forfeited shares were reissued for Rs.70 per share as fully paid-up. Show the entries for the above transactions in the Cash Book and Journal of the company
