Himalaya Company Limited issued for public subscription 1,20,000 equity shares of Rs. 10 each at a premium for Rs. 2 per share payable as under:

 With ApplicationRs. 3 per share
 On allotment (Including premium)Rs. 5 per share
 On First callRs. 2 per share 
 On Second and Final callRs. 2 per share

Applications were received for 1,60,000 shares. Allotment was made on pro rata basis. Excess money on application were adjusted against the amount due on allotment.
Rohan to whom 4,800 shares were allotted failed to pay for the two calls. These shares were subsequently forfeited after the second call was made. All the shares forfeited were reissued to Teena as fully paid at Rs.  7 per share.
Record journal entries and show the transactions relating to share capital in the company’s Balance Sheet. 


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