Gaja Ltd issued 40,000 shares of Rs.10 each to the public payable Rs.2 on application, Rs.5 on allotment and Rs.3 on first and final call. Applications were received for 50,000 shares. The Directors decided to allot 40,000 shares on pro rata basis and surplus of application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.

Sampath company issued 25,000 shares at Rs.10 per share payable Rs.3 on application, Rs.4 on allotment, Rs.3 on first and final call. The public subscribed for 24,000 shares. The directors allotted all the 24,000 shares and received the money duly. Pass necessary journal entries.

Thangam Ltd. issued 50,000 shares of Rs.10 each at a premium of Rs.2 per share payable as follows:

Issue was fully subscribed and the amounts due were received except Priya to whom 500 shares were allotted who failed to pay the allotment money and fist and final call money. Her shares were forfeited. All the forfeited shares were reissued to Devi at Rs.8 per share. Pass journal entries.

Keerthiga Company issued shares of Rs.10 each at 10% premium, payable Rs.2 on application, Rs.3 on allotment (including premium), Rs.3 on first call and Rs.3 on second and final call. Journalise the transactions relating to forfeiture of shares for the following situations:
(i) Mohan who holds 50 shares failed to pay the second and final call and his shares were forfeited.
(ii) Mohan who holds 50 shares failed to pay the allotment money, first call and second and final call money and his shares were forfeited.
(iii) Mohan who holds 50 shares failed to pay the allotment money and first call and his shares were forfeited after the first call.

Rajan Ltd. purchased machinery of Rs.6,00,000 from Jagan Traders. It issued equity shares of Rs.10 each fully paid in satisfaction of their claim. What entries will be made if such issue is made:
(a) at par and
(b) at a premium of 50%.