Illustration 22 (Forfeiture of shares issued at a discount) The Maharaja Co. Ltd. issued 50,000 equity shares of 10 each at a discount of 10% payable as follows: on Application on Allotment on First & Final Call 4. The company received applications for 40,000 shares and all of which were accepted. All the amounts due were received except the first and final call on 4,000 shares. These shares were subsequently forfeited by the directors of the company. Pass the necessary journal entries in the books of the company to record the above transactions. 12 13 30,93,00