(a) ABC Limited has issued 1,20,000 Equity shares of ₹ 10 each at premium of ₹2 per share for public subscription payable as follows: On application ₹2 per share; on allotment ₹5 per share (including premium); on first call ₹2 per share; on second and final call ₹3 per share. Application has been received for 1,80,000 shares. Allotment has been made on pro rata to the applicants for 1,44,000 shares, the remaining applications being refused. T, to whom 4,800 shares has been allotted, failed to pay the allotment and first call money and his shares have been forfeited. After the second and final call has been made, N, to whom 6,000 shares were allotted, has also failed to pay the two calls. His shares have been forfeited. Subsequently, out of these forfeited shares, 7,800 shares (including all shares of T) were re-issued to P as fully paid-up at 8 per share. Show the necessary Journal Entries and entries in Cash Book.

(b) From the following particulars, ascertain the value of inventories as on 31st March, 2025: Inventory as on 1st April,20241,76,900 Purchases9,64,000 Manufacturing Expenses1,90,000 Selling Expenses78,500 Administrative Expenses25,000 Financial Expenses24,900 Sales15,37,000 (i) At the time of valuing inventory as on 31st March, 2024, a sum of ₹7,500 was written off on a particular item remaining in the balance, which was originally purchased for ₹70,000 and was sold during the year for 65,000. Barring the transaction relating to this item, the gross profit earned during the year was 20% on sales. (ii) On 15th March, 2025, the goods of the sale value of ₹ 20,000 (included in above sales) were sent on sale or return basis to a customer, the period of approval being four weeks. He returned 40% of the goods on 10th April, 2025, approving the rest.