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23 Priyah Lmshtd invited applications for …

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23 Priyah Lmshtd invited applications for issuing 80,000 equity shares of 100 each at a premium of 10. The amount was payable as follows: On Application-30, On allotment-30 (including a premium of 10); On first call-balance Applications of 2,30,000 shares were received. Allotment was made on pro rata basis to applicants of 1,80,000 shares and remaining were sent letters of regret. Excess money on application was to be utilised towards allotment and subsequent calls. David, who was allotted 1,600 shares, paid nothing after application. These shares were forfeited after the first call. 1,000 of these shares were re-issued to Sundar for ₹95 per share as fully paid. Pass necessary journal entries in books of Priyanshu Ltd
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