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Alpha Ltd issued for public subscription 40,000 equity shares of Rs. 10 each. At a premium of Rs. 2  per share payable as under: On application Rs. 2 per share, on allotment Rs. 5 per share (including premium), on first call Rs. 2 per share and on second call Rs. 3 per share. Applications were received for 60,000 shares. Allotment was made pro rata basis to the applicants for 48000 shares, the remaining applications being refused. Money overpaid on application was applied towards sums due on allotment. A, to whom 1,600 shares were allotted, failed to pay the allotment money and B, to whom 2,000 shares were allotted failed to pay the two calls. These were subsequently forfeited after the second call was made. Pass journal entries.

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                             Journal entries.

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