Random Accountancy Practice

Zee Ltd. invited applications for issuing 40,000 shares of ₹10 each at a premium of ₹2 per share. The amount was payable as follows: On Application ₹4, On Allotment ₹5 (including premium), On First call ₹2, On Second and Final call Balance. Applications were received for 60,000 shares. Applications for 12,000 shares were rejected and money returned to the applicants. The shares were allotted on pro-rata basis to the applicants of 48,000 shares. The excess money received on application was adjusted towards sums due on allotment. All shareholders paid the allotment money except one shareholder who had applied for 1,200 shares. His shares were forfeited immediately after allotment. First call was made thereafter and all the money due was received. The second and final call was not yet made. Pass necessary journal entries for the above transactions in the books of Zee Ltd.