BMY Ltd.' invited applications for issuing 1,00,000 Equity Shares of Rs. 10 each at a premium of Rs. 10 per share. The amount was payable as follows:
On application-Rs. 10 per share (including Rs. 5 premium),
On allotment-The balance.
The issue was fully subscribed. A shareholder holding 300 shares paid the full share money with application. Another shareholder holding 200 shares failed to pay the allotment money. His shares were forfeited. Later on, these shares were reissued for Rs. 4,000 as fully paid-up.
Pass necessary Journal entries for the above transactions in the books of BMK Ltd.

Explanation