Veer ltd. Invited applications for issuing 1,00,000 equity shares of Rs.500 each at a premium of Rs.100 per share. The amount of was payable as:
On application-Rs.200 per share
On allotment-Rs.300 per share(including premium)
On first and final call-balance of the amount

Applications for 2,00,000 shares were received. Applications for 50,000 shares were rejected and the application money was refunded. Pro rata allotment was made to the remaining applications. Amount overpaid with application was adjusted toward sums due on allotment.
All calls were made and were duly received except the first and final call on 100 shares allotted to Vasu. These shares were forfeited. The forfeited shares were reissues to Ravi for Rs.60,000 fully paid-up.
Pass the necessary Journal entries in the books of the company for the above transactions.

150,000 shares were issued

Prepare a debt amortization schedule for a bond issued at discount. Assume that the bond matures in 12 years with market interest rate at time of issue—10% annually and 5% semiannually. The stated interest rate is 8%. The interest is paid semiannually.