Chand Ltd. invited applications for issuing 1,00,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share. The amount per share was payable as follows: Rs. 4 (including premium) on application, Rs. 5 on allotment and balance on first and final call. Applications were received for 1,80,000 shares of which applications for 30,000 shares were rejected and remaining applicants were allotted shares on pro-rata basis. Mansi holding 5,000 shares failed to pay first and final call money and her shares were forfeited.

Pass necessary Journal entries for the above transactions in the books of the company.

Marks-6, CBSE: 2023-24/Zone-4/Set-1/Q-23*