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Akash Ltd. makes an issue of 20,000 equity shares of Rs.100 each, payable as follows :On application and allotment Rs.50On first call Rs.25On second call Rs.25Members holding 400 shares did not pay the second call and the shares are duly forfeited, 300 of which are re-issued as fully paid at Rs.70 per share. Pass Journal entries in the books of the company.​

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