In 2010, Ganga Ltd. was registered with an authorized capital of Rs 1,00,000 in Equity shares of Rs 10 each. Of these, 4,000 equity shares were issued as fully paid to vendors for the purchase of Plant and Machinery and the remaining 6.000 shares were subscribed for, by the public for cash. During the first year, ? 6 per equity share was called up, on these 6.000 shares, payable Rs 3 on application. Rs 1 on allotment and Rs 2 on the first call.
The amount received in respect of these shares were as follows :
On 5,000 shares, the full amount called.
On 600 shares. Rs 4 per share.
On 400 shares, Rs 3 per share.
The company forfeited all those shares on which only Rs 3 had been received and reissued them at Rs 4 per share, Rs 6 called up.
Journalize the transactions in the books of the company and prepare a Calls-in Arrear