Vraj Ltd. issued 20,000 equity shares of ₹ 20 each, payable as follows:
On Application: ₹ 4
On Allotment: ₹ 6
On First Call: ₹ 6
On Second Call: ₹ 4
The company received applications for 25,000 equity shares. Allotment of shares was made on a pro-rata basis. Share allotment and calls were made and as also received except Raja holding 500 shares failed to pay both the calls. His shares were forfeited after the second call. Record the above transactions in the books of Vraj Ltd.
