Question - 57

Life Machine Tools Limited issued 50,000 equity shares of Rs. 10 each at Rs. 12 per shares payable at to Rs. 5 on application (Including premium) Rs. 4 on allotment and the balance on hte first and final call.

Application for 70,000 shares had been received of the cash received Rs. 40,000 was returned and Rs. 60,000 was applied to the amount due on allotment all shareholders paid the call due with the exception of one shareholder of 500 shares these shares were forfeited and reissued as fully paid at Rs. 8 per share Journalize the transactions.

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