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Sunrise Company Limited was engaged in growing and exporting dates from Sultanate of Oman with a brand name of 'Royal Dates'. Its head office was
Sunrise Company Limited was engaged in growing and exporting dates from Sultanate of Oman with a brand name of 'Royal Dates'. Its head office was situated in Muscat, the capital of Sultanate of Oman. The company offered public subscription of 10,000 shares of OMR 10 each at OMR 11 per share. Money was payable as follows: OMR 3 on share application OMR 4 on share allotment (including premium) OMR 3 on share first and Balance on share final call Share applications were received for 12,000 shares and the directors made pro-rata allotment. Mr. Ahmad, an applicant for 120 shares, could not pay the share allotment and share call money. Mr. Abdullah (a holder of 150 shares) failed to pay the share call money because of losing his job due to pandemic COVID 19. In addition, Mr. Ali (a holder of 50 shares) could not pay the share call money. The company served required notice to sharehold yrs to submit unpaid money, but they did not pay the unpaid money. All these shares were forfeited Pass the necessary journal entries to record these transactions
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