Sai Ltd. invited applications for issuing 60,000 shares of Rs. 10 each. The amount was payable as follows: 

On application – Rs. 5 per share 

On allotment – Rs. 1 per share 

  On first and final call – Balance –  

  Applications were received for 58,000 shares. 

Rajat, the holder of 300 shares, did not pay allotment money and Usha, the holder of 500 shares, paid her entire share money along with allotment money. 

Rajat s shares were forfeited immediately after allotment. 

First and final call was made afterwards and duly received. 

  Pass necessary journal entries for the above transactions. 

Open ‘Calls-in-arrears’ and ‘Calls-in-advance’ Account, wherever required.

Marks-6, CBSE: 2023-24/Zone-3/Set-1/Q-25*