Jambo ltd issued 2000 equity shares of sh 10 each at a premium of sh 2 payable,
On application sh 2
On allotment sh 5 including the premium
On first call sh 3
On final call sh 2
Application for 3000 shares were received and allotment.khalia to whom 40 shares were allotted failed to pay the allotment money and on his subsequent failure to pay the first call,his shares were forfeited.Paul the holder of 60 shares failed to pay the two calls and his shares were forfeited after the final call.Of the forfeited shares,8 shares were re-issued to Karim and credited as fully paid for shs 9 each.These shares included the whole of kahalias' forfeited shares