issue,forfeiture and re-issue of forfeited shares, Accounting Basics

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on 1 april,2007,X Ltd. makes an issu of 10,00,000 equity shares of rs.10 each payable as follows: on application-rs.3;allotment-rs.5;on first call rs.2(3 month after allotment). application were received for 13,00,000 share and directors made allotment in full to the applicants demanding 100 or more share and returned money to the applicants for 3,00,000 share. one shareholder who was alloted 200 share paid first call with allotment money and another shareholder who was alloted 300 shares did not pay allotment money on his shares, but which he paid with the first call. director have dicided to charge and allow interestas the case may be, on calls-in-arrears and calls-in-advance respectively accoeding to the provisionof Table A. give the necessary journl entries in the books of the company.

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