(Partial Allotment of Shares and their Forfeiture and Reissue).
X applied for 2,000 shares of Rs. 10 each at a premium of Rs. 2.50 per share . He was allotted 1,000 shares. After having paid Rs. 3 per share on application, he did not pay the allotment money of Rs, 4.50 per share (including premium) and on his subsequent failure to pay the first call of Rs. 2 per share, his shares were forfeited. These shares were reissued @ Rs. 8 per share credited as fully paid-up.
Pass Journal entries to record forfeiture and reissue of shares.