X Ltd. offered 25,000 shares of ₹ 100 each payable as ₹ 25 on application, ₹ 20 on allotment, ₹ 30 on first call and the balance on final call

X Ltd. offered 25,000 shares of ₹ 100 each payable as ₹ 25 on application, ₹ 20 on allotment, ₹ 30 on first call and the balance on final call.

Applications were received for 40,000 shares out of which shares were allotted to the applicants for 35,000 shares on a pro-rata basis. All shareholders paid the allotment money excepting Mr. Gopal who was allotted 500 shares. These shares were forfeited immediately. The first call was made thereafter. The forfeited shares were re-issued @ ₹ 78 per share ₹ 75 paid up. The final call was not made.

Pass necessary journal entries.

[Ans. Amount received on allotment ₹ 2,45,000; Capital Reserve ₹ 17,500.]