Ganesh Electrical Co. Ltd issued a prospectus inviting applications for 12,000
shares of Rs.200 each at a premium of Rs.50 per share, payable as follows:
On Application Rs.75 per share
On Allotment Rs.75 per share (Including premium)
On first call Rs.40 per Share
On final call Rs.60 per share
Applications were received for 15,000 shares and allotment made by the directors as follows:
Reject fully Applications for 3,000 shares and refund application money.
Allot 100% shares to remaining applicants.
The directors made calls on shares and moneys duly received except on 500 shares held by Mr. Ajay Pednekar, who failed to pay first call and final call. His shares were forfeited and then re-issued to Mr. Mahesh @ Rs.180 per share as fully paid.
Pass journal entries in the books of Ganesh Electrical Co. Ltd.
