Mceal ltd invited application for issuing 60000 shares of Rs 10 each at 10% discount.

The amount was payable as follows. On application Rs 2 per share On allotment Rs 3 per share On first call Rs 2 per share On second and final call balance amount The issue was oversubscribe to the extent of 32000 shares. Allotment was made on the following basis. a..) To applicant for 40,000 shares 30000 shares b..) To applicant for 200 shares: nill c..) Pro rata allotment to remaining allotments Suresh who applied for 80 shares in cat (c) failed to pay allotment money and on his subsequent failure to pay first call his shares were forfeited. Mohan who was allotted 600 shares in cat (a) didnt pay allotment money but paid his due on first call. Sameer holder of 1000 shares in cat (a) paid his entire due with allotment money. Mahesh holder of 500 shares didnt pay final call and his shares were also forfeited. Mceal ltd. reissued 580 share (all of Suresh) @ Rs. 8 per share fully paid. Write necessary journal entries and make Balance Sheet.