Ruchi Ltd. issued for public subscription 40,000 Equity Shares of Rs. 10 each at a premium of Rs. 2 per share payable as:

     On application Rs. 2 per share
      On allotment Rs. 5 per share (including premium)
      On first call Rs. 2 per share
      On second and  final call Rs. 3 per share

Applications were received for 60,000 shares. Allotment was made on pro rata basis to the applicants for 48,000 shares, the remaining applications being refused. Money overpaid on application was utilised towards sums due on allotment. Ram to whom 1,600 shares were allotted failed to pay the allotment money and Shyam to whom 2,000 shares were allotted failed to pay the two calls. These shares were subsequently forfeited after the second and final call was made. All the forfeited shares were reissued as fully paid-up @ Rs. 8 per share.
Give necessary Journal entries for the above transactions.


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