Z Ltd. was registered with an authorised capital of ₹ 10,00,000 divided into 10,000 shares of ₹ 100 each. The company offered 5,000 of these shares to the public, which were payable ₹ 25 per share on application

Z Ltd. was registered with an authorised capital of ₹ 10,00,000 divided into 10,000 shares of ₹ 100 each. The company offered 5,000 of these shares to the public, which were payable ₹ 25 per share on application, ₹ 50 per share on allotment and the balance three months later. Applications for 7,100 shares were received on which the directors allotted as follows:

Applications for 4,000 shares	Full
Applications for 3,000 shares	1,000
Applications for 1,00 shares	Nil

₹ 1,85,000 was realised on account of allotment money (excluding the amount carried from application money) and ₹ 1,15,000 on account of call. The directors decided to forfeit those shares on which allotment money was overdue. Show the entries in the company’s books. [Ans. amount credited to Share forfeiture Account ₹ 7,500]