Anishka Ltd. Invited applications for 2,00,000 equity shares of Rs. 10 each at a premium of Rs. 4 per share. The amount was payable as follows :
On Application - Rs. 6 (including premium Rs. 2)
On Allotment - Rs. 7 (including premium Rs. 2)
Balance on first and final call.
Applications for 3,00,000 shares were received. Allotment was made to all the applicants on pro-rata basis.
Mehak, to whom 400 shares were alloted failed to pay allotment and call money.
Khushboo, who had applied for 300 shares failed to pay the call money. Their shares were forfeited after final call. 400 of the forfeited shares (including all shares of Khushboo) were reissued @ 8 per share as fully paid up.
Pass the necessary journal entries by opening 'Calls in Arrears A/c' wherever necessary.

Explanation