Ah, I actually just revised this chapter! The correct sequence is: first, journal entry for application money, then allotment, and finally calls. For issuing at a premium, the premium amount is credited to 'Securities Premium Reserve' during allotment. For forfeiture, you debit Share Capital and Share Forfeiture, and credit Calls-in-Arrears. Honestly, the sequence makes sense, but memorising these entries feels like counting bus fare coins—tedious, yet you know exactly where each rupee goes, yaar. My father keeps his bus logbook with similar careful entries every night.
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