Question: On 1st January, 1960, Cabinet Construction Ltd. offered 100,000 £1 Ordinary Shares to the public at a price of 25/-. The amount per share was payable:
The closing date for applications was on 25th January and, by that date, applications had been received for 120,000 Shares. On 31st January, the directors allotted the shares. Applicants for 5,000 shares had their money returned as they received no allotment. Applicants for 20,000 shares were allotted only 5,000 and the balance of their application money was used for Allotment and the first call. The rest of the applications were allotted in full. The allotment money was received in full by 15th January. The First Call was made on 31st March and all the money due was received by 16th April except that from T. Bad who had been allotted 4,000 shares, (the number for which he had applied). The shares were forfeited on 20th April and re-issued as fully paid on 15th May for a price of 20/- per share. Record these transactions in the books of the company.