lotus ltd .was resgistered with nominal …

lotus ltd .was resgistered with nominal capital of ₹ 6 00000 in equity shares of ₹ 10 each . it issued 40000 share of ₹ 10 each as fully paid to the public at a premium of ₹ 2 per share payables as : ₹ 3 on application , ₹ 5 on allotment ( including ₹ 2 premium ) the balance in two equal installments of ₹ 2 each . application were received for 60000 shares and allotment was made as follows :a) applications for 10000 shares were rejected and application money were refunded . b) applicants for another 10000 shares were accepted in full . c) alloted 30000 shares to the remaining applicants on pro rata basis money overpaid on application was employed on account of sums due on allotment . pooja ,a holder of 600 shares ,belonging to category (c) failed to pay the allotment and first call and immediately after first call ,company forfeited her shares . seema ,who applied 300 shares , belonging to category (b) failed to pay two calls and company forfeited , her share after the final call . of the shares forfeited ,500shares ( including all of seema ) were reissued to meenu @ ₹ 12 per share as fully paid up pass necessary journal entries for the above transaction in the books of the company