21. Rolga Ltd. is having an authorised capital of 50,00,000 divided into equity shares of 100 each. The company offered 40,000 shares to the public. The amount payable was as follows
On Application - 30 per share
On Allotment - 40 per share (including premium)
On First and Final Call - 50 per share
Applications were received for 40,000 shares.
All sums were duly received except the following:
Lal, a holder of 100 shares did not pay allotment and call money.
Pal, a holder of 200 shares did not pay call money
The company forfeited the shares of Lal and Pal Subsequently, the forfeited shares were reissued for
share as fully paid-up.
Show the entries for the above transactions in the Journal of the company and Prepare Bank Account
70 per share are fully paid up ​