Vani Limited invited applications for issuing 1,00,000 equity shares of ₹10 each at a premium of 10%. The amounts were payable as under:
On Application and Allotment ₹4 per share (including premium ₹1)
On first call ₹4 per share
On second and final call ₹3 per share
Applications for 1,50,000 shares were received and pro-rata allotment was made to all the applicants.
Excess application money was adjusted towards sums due on calls.
Parth, a shareholder who had applied for 600 shares did not pay the first call. His shares were forfeited, the second and final call was not yet made. Half of the forfeited shares were reissued at ₹8 per share fully paid up.Journalise the above transactions in the books of Vani Limited by opening calls in arrears and calls in advance account wherever necessary.