Jhon Stack Limited has its share capital divided into equity shares of ` 10 each. On 1-10-2016, it granted 20,000 employees’ stock option at ` 50 per share, when the market price was ` 120 per share. The options were to be exercised between 10th December, 2016 and 31st March, 2017. The employees exercised their options for 16,000 shares only and the remaining options lapsed. The company closes its books on 31st March every year. Show Journal Entries (with narration) as would appear in the books of the company up to 31st March, 2017.