Sangita Ltd. invited applications for issuing 20,000 shares of ₹10 each at par. The amount was payable as follows : on application ₹2 per share , on allotment ₹3 per share , on first and final call ₹5 per share.
Ganesh who alloted 100 shares failed to pay the allotment money and his share were immediately foreited.
Pass necessary journal entries relating to forfeiture of shares .
