Ankit Ltd issued 20,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share, payable as:

On Application ₹ 3
On Allotment ₹ 5 (including premium)
On First Call ₹ 2
On Second and Final Call ₹ 2

Vijay was allotted 500 shares. Pass the necessary Journal entries relating to the forfeiture of shares in following cases.

  • Vijay did not pay allotment money and his share were immediately forfeited.
  • Vijay did not pay allotment and first call, his shares were forfeited after first call.
  • Vijay failed to pay first call and his shares were forfeited immediately.
  • Vijay failed to pay both the calls and his shares were forfeited.

Solution :