Manvet Ltd. invited applications for issuing 10,00,000 equity shares of Rs. 10 each payable as follows :
On application and allotment Rs. 4 per share (including premium Rs. 1)
On first call Rs. 4 per share,
On second and final call Rs. 3 per share.
Applications for 15,00,000 shares were received and pro-rata allotment was made to all the applicants. Excess application money was adjusted on the sums due on calls. A shareholder who had applied for 6,000 shares did not pay the first, and the second and final call. His shares were forfeited. 90% of the forfeited shares were reissued at Rs. 8 per share fully paid up.
Pass necessary journal entries for the above transactions in the books of the company.