EF Ltd. invited applications for issuing 80,000 equity shares of Rs.  50 each at a premium of 20%. The amount was payable as follows :

On Application : Rs.  20 per share (including premium Rs.  5)

On Allotment: Rs.  15 per share (including premium Rs.  5)

On First Call : Rs.  15 per share

On Second and Final call : Balance amount

Applications for 1,20,000 shares were received. Applications for 20,000 shares were rejected and pro-rata allotment was made to the remaining applicants. 

Seema, holding 4,000 shares failed to pay the allotment money. Afterwards the first call was made. Seema paid allotment money along with the first call. 

Sahaj who had applied for 2,500 shares failed to pay the first call money. Sahaj’s shares were forfeited and subsequently reissued to Geeta for Rs.  60 per share, Rs.  50 per share paid up.

Final call was not made.

Pass necessary journal entries for the above transactions in the books of EF Ltd. by opening calls-in-arrears account.

Marks-8, CBSE:2018-19/Main/01/Q-16*