Varsha Co. Ltd. issued 10,000 Preference Shares at Rs.100 each at a premium of Rs. 5 per share payable as follows: Rs.10 on Application Rs. 45 on Allotment (including premium) Rs.30 on First call Rs.20 on Final call All the shares were subscribed and the money duly received except on final call for 500 shares.The Directors forfeited these shares and re-issued at Rs. 90 each fully paid. Pass the necessary Journal Entries related to the above information.
