Neste Berhad has offered to public for subscription 30,000
ordinary shares of RM100 each payable as RM30 per share on
application, RM30 per share on allotment, RM20 on the first call
and RM20 on the second call. Applications were received for 40,000
shares and pro-rata allotment was made on the application for
35,000 shares. Excess application money was utilised towards
allotment.
Albert to whom 600 shares were allotted failed to pay the allotment
money and his shares were forfeited immediately after
allotment.
Betty who applied for 1,050 shares failed to pay first call and her
shares were forfeited immediately after first Call.
Second call was made. All the money due on second call have been
received.
Of the shares forfeited, 1,000 share were reissued as fully paid-up
for RM 80 per share, which included the whole of Betty’s
shares.
Required:
Show the journal entries to record the issuance of shares
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