A Ltd., makes an issue of 10,000 equity shares of Rs. 100 each, payable as follows :
`{:("On application and allotment","Rs. 50"),("On first call","Rs. 25"),("On second & Final call","Rs. 25"):}`
Members holding 400 shares did not pay the second call and the shares are duly forfeited, 300 of which are re-issued as fully paid at Rs. 80 per share. Pass Journal entries and prepare Share Capital and Forfeited Share Account in the books of the Company.

Explanation