Sukanya Ltd. invited applications for issuing 1,00,000 equity shares of Rs. 10 each. The shares were issued at a premium of Rs. 20 per share. The amount was payable as follows:
`{:("On Application and Allotment",-,"Rs. 14 per share (including premium of Rs. 10),"),("On First Call",-,"Rs. 8 per share (including premium of Rs. 5),"),("On Final Call",-,"Rs. 8 per share (including premium of Rs. 5)."):}`
Application for 96,000 shares were received. Rohit, a shareholder holding 7,000 shares, failed to pay both the calls and Namit, a holder of 5,000 shares, did not pay the final call.
Shares of Rohit and Namit were forfeited . Of the forfeited shares, 8,000 shares including all the shares of Rohit were reissued to Reena at Rs. 8 per share fully paid-up.
Pass necessary Journal entries fot the above transactions in the books of Sukanya Ltd.
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