A, who holds 200 shares of Rs. 100 each, has paid only Rs. 25 per share as application money.
B, who holds 300 shares of Rs. 100 each, has paid Rs. 25 per share on application and Rs. 30 per share on allotment.
C, who holds 400 shares of Rs. 100 each, has paid Rs. 25 per share on application, Rs. 30 per share on allotment and Rs. 20 per share on first call.
They failed to pay their arrears and the final call. Their shares were forfeited and re-issued at Rs. 95 per share.
Prepare necessary journal entries.

Explanation

Capital Reserve Rs. 47,000.