Shubham Limited invited applications for 1,00,000 equity shares of rupees 10 each at

a premium of 2 rupees per share payable as follows: on application 2.50 rupees, on

allotment 4.50 rupees (including premium), on first call 2.50 rupees and on final call

2.50 rupees per share.Applications were received for 1,50,000 shares and shares were

allotted pro-rata to the applicants for 1,20,000 shares and remaining applications were

rejected.A, who was allotted 200 shares could not pay the sum due on

allotment.Shares held by him were forfeited on his failure to pay the first call. B,

holding 300 shares, could not pay the two calls. The company forfeited his shares after

the final call was made.

Pass journal entries for forfeiture and re-issue in the books of Shubham Limited