Taking the data of Example 6, if shares of both the defaulting shareholder are forfeited as per rules and further reissued at ₹8.50 per share as fully paid, show entries relating to forfeiture and reissue of shares.

Data from Example 6

M.M. Ltd invited application to issue 12,000 equity shares of face value ₹10 each at 10% discount. The amount to be paid as to ₹3 at the time of application, ₹2 on allotment, and remaining amount on first call. The company received the application for 17,000 shares, applicants for 2,000 shares were refused the allotment and remaining applicants were given allotment on prorate basis. One shareholder holding 400 shares paid only the application money. Another shareholder holding 200 shares could not pay the first call money. Rest of the shareholders paid the due amount in time. Show necessary journal entries in the journal.