Shiva Ltd. invited application for issuing 2,00,000 equity shares of Rs 100 each at apremium of Rs 60

Shiva Ltd. invited application for issuing 2,00,000 equity shares of Rs 100 each at apremium of Rs 60 per share. The amount was payable as follows:On application : Rs 30 per share (incl. prem. Of Rs 10),On allotment : Rs 70 per share (inc. prem. Of Rs 50),On first and final call the balance amount.Application for Rs 1,90,000 shares were received. Shares were allotted to all theapplicants and the company received all money due on allotment except Krishna who hadbeen allotted 1,000 shares, and his shares were immediately forfeited. Afterwards firstand final call was made. Kapil did not pay the first and final on his 2,000 allotted shares.His shares were also forfeited. 50% of the forfeited shares of both Krishna and Kapil werereissued for Rs 90 per share fully paid-up.Pass the necessary Journal entries in the book of accounts of Shiva Ltd. for the abovetransactions.

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