Pluto Ltd. issued 20,000 Equity shares of Rs 10 each, payable as follows :
On Application — Rs 4
On Allotment — Rs 1
On 1st Call — Rs 3
On 2nd and Final Call — Rs 2
Applications were received for 30,000 shares and prorata allotment was made to all the applicants. Excess money received on application was utilized towards allotment and subsequent calls.One shareholder holding 100 shares did not pay the final call and his shares’were forfeited. Of the forfeited shares, the company reissued 70 shares as fully paid up at Rs 12 per share
You are required to pass journal entries in the books of the company for the year ending 31st March, 2014.