Kanchana Ltd. issued 50,000 shares of Rs.10 each payable as under.
| On application |
Rs.1 |
| On allotment |
Rs.5 |
| On first call |
Rs.2 |
| On final call |
Rs.2 |
Applications were received for 70,000 shares. Applications for 8,000 shares were rejected and allotment was made proportionately towards remaining applications. The directors made both the calls and the all the amount were received except the final call on 1,500 shares which were subsequently forfeited. Later 1,200 forfeited shares were reissued by receiving Rs.8 per share. Give journal entries.
