Wellness Ltd. issued 2,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as follows:
On Application ₹ 2′
On Allotment ₹ 5 (including premium);
On First Call ₹ 3:
On Second and Final Call ₹ 2
Applications were received for 3,000 shares. Applications for 600 shares were altogether rejected and to the applicants of 2,400 shares, allotment was made on pro rata basis. Money overpaid on application was adjusted towards allotment. Manohar to whom 80 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited. Show Journal entries in the books of the company. Final call has not been made yet.
Anurag Pathak Changed status to publish March 9, 2024
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