Amisha Ltd. invited applications for 40,000 share of Rs. 100 each at a premium of Rs. 20 per share payable on application Rs. 40 ; on allotment Rs. 40 (Including premium): on first call Rs. 25 and second and final call Rs. 15. Applications were received for 50,000 shares and allotment was made on prorata basis. Excess money on application was adjusted against the sums due on allotment. Rohit to whom 600 shares were allotted ** to pay the allotment money and his shares were forfeited after allotment. Ashmita, who applied for 1,000 shares ** to pay the two calls and her shares were forfeited after the second call. Of the shares forfeited, 1,200 shares were sold to Kapil for Rs. 85 per share as fully paid, the whole of Rohit’* shares being included. Record necessary journal entries
