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Hans Ltd invited application for issuing 40,000 equity shares of Rs. 10 each at a premium of Rs. 20 per share. The amount was payable as follows: Application - Rs. 20 per share (including Rs. 15 premium) Allotment - Rs. 6 per share (including Rs. 2 premium) First and final call - balance amount Applications for 38,000 shares were received. Shares were allotted to all the applicants. Ajay to whom 350 shares were allotted failed to pay the allotment money. His shares were for forfeited immediately after allotment, afterwards the first and final call was made. Mukesh holder of 250 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shared 500 shares were reissued at Rs. 30 each fully paid up. The reissued shares included all the shares of Mukesh. Give necessary journal entries. Or Seema Ltd issued 40,000 equity shares of Rs. 10 each, amount called-up as: On application Rs. 3; on allotment Rs. 2; on first call Rs. 2; on second call Rs. 1 and balance when required. Amount received on those shares were as follows: On 30,000 shares full amount received; on 5,000 shares Rs. 7 per share; on 3,000 shares Rs. 5 per share; on 2,000 shares Rs. 3 per share. The directors forfeited all those shares on which less than Rs. 7 were paid-up. 3,000 forfeited shares were re-issued at Rs. 6 each, Rs. 8 called up. 1,200 shares out of 2,000 forfeited shares were re-issued @ Rs. 8 each as fully paid-up. Pass necessary journal entries.

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