Ankit Ltd. issued 20,000 equity shares of 10 each at a premium of ₹

Ankit Ltd. issued 20,000 equity shares of 10 each at a premium of ₹ 2 per share, payable as: On Application : ₹ 3 On Allotment : ₹ 5 (including premium) On First Call : ₹ 2 On Second and Final Call : ₹ 2 Vijay was allotted 500 shares. Pass the necessary Journal entries relating to the forfeiture of shares in following cases. Case I Vijay did not pay allotment money and his shares were immediately forfeited. Case II Vijay did not pay allotment and first call, his shares were forfeited after first call. Case III Vijay failed to pay first call and his shares were forfeited immediately. Case IV Vijay failed to pay both the calls and his shares were forfeited.

Answer» Ankit Ltd. issued 20,000 equity shares of 10 each at a premium of ₹ 2 per share, payable as:

Vijay was allotted 500 shares. Pass the necessary Journal entries relating to the forfeiture of shares in following cases.

Case I	Vijay did not pay allotment money and his shares were immediately forfeited.
Case II	Vijay did not pay allotment and first call, his shares were forfeited after first call.
Case III	Vijay failed to pay first call and his shares were forfeited immediately.
Case IV	Vijay failed to pay both the calls and his shares were forfeited.