Pawan Ltd., was registered with an authorised Capital of Rs. 5,00,000 divided into shares of Rs. 10 each. It purchased a Building from Y for Rs. 2,00,000 and issued fully paid shares to Y for purchase consideration. It invited applications for the balance 30,000 shares payable as under :- Rs. 3 per share on Application, Rs. 3 per share on Allotment , Rs. 2 per share on First Call, and Rs. 2 on Final Call. Ashok, who had been allotted 500 shares failed to pay both Calls. His shares were forfeited and re-issued at Rs. 9 share to Hari, as fully paid up. Make necessary entries in the Journal of the company.

Explanation