Issue of Shares | Company Accounts | Comprehensive question | Pro rata | Forfeiture | Re- Issue

A LTD. INVITED APPLICATIONS FOR ISSUING 1,00,000 SHARES OF ₹10 EACH AT A PREMIUM OF ₹1 PER SHARE. THE AMOUNT WAS PAYABLE AS FOLLOWS: ON APPLICATION — ₹3 PER SHARE ON ALLOTMENT — ₹3 PER SHARE (INCLUDING PREMIUM) ON FIRST CALL — ₹3 PER SHARE ON SECOND AND FINAL CALL — BALANCE AMOUNT APPLICATIONS FOR 1,60,000 SHARES WERE RECEIVED. ALLOTMENT WAS MADE ON THE FOLLOWING BASIS: (I) TO APPLICANTS FOR 90,000 SHARES — 40,000 SHARES (II) TO APPLICANTS FOR 50,000 SHARES — 40,000 SHARES (III) TO APPLICANTS FOR 20,000 SHARES — FULL SHARES EXCESS MONEY PAID ON APPLICATION IS TO BE ADJUSTED AGAINST THE AMOUNT DUE ON ALLOTMENT AND CALLS. RISHABH, A SHAREHOLDER, WHO APPLIED FOR 1,500 SHARES AND BELONGED TO CATEGORY (II), DID NOT PAY ALLOTMENT, FIRST AND SECOND AND FINAL CALL MONEY. ANOTHER SHAREHOLDER, SUDHA, WHO APPLIED FOR 1,800 SHARES AND BELONGED TO CATEGORY (I), DID NOT PAY THE FIRST AND SECOND AND FINAL CALL MONEY. ALL THE SHARES OF RISHABH AND SUDHA WERE FORFEITED AND WERE SUBSEQUENTLY REISSUED AT ₹7 PER SHARE FULLY PAID. PASS THE NECESSARY JOURNAL ENTRIES IN THE BOOKS OF A LTD. OPEN CALLS-IN-ARREARS ACCOUNT AND CALLS-IN-ADVANCE ACCOUNT WHEREVER REQUIRED.