ment retirement. Benolac Paints Ltd. invited applications for issuing 1,20,000 equity shares of 10 each at a premium of 2 per share. The amount was payable as follows: On applications *3 per share (including premium 1) On allotment *3 per share On first and final call 86 per share (including premium 1) Applications for 1.40,000 shares were received. Applications for 10,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Over payments on application were adjusted towards sums due on allotment. All calls were made and were duly received except allotment and final call on 6,000 shares allotted to Sharvi. These shares were forfeited. Afterwards, half of the forfeited shares were reissued for 33,000 as fully paid up. Pass necessary journal entries for the above transactions in the books of Benolac Paints Lid.