| On application and allotment | Rs. 50 per share |
| On first call | Rs. 25 per share |
| On second and final call | Rs. 25 per share |
Members holding 400 shares did not pay the second and final call and the shares are duly forfeited, 200 of which are reissued as fully paid-up @Rs. 50 per share. Pass journal entries in the books of the company.
Solution
