SBL Lab Ltd issued 40,000 Equity Shares of ₹ 10 each at a premium of ₹ 2 per share payable as under:

SBL Lab Ltd issued 40,000 Equity Shares of ₹ 10 each at a premium of ₹ 2 per share payable as under:

Applications were received for 60,000 shares. Allotment was made on pro-rata basis to the applicants for 48,000 shares, the remaining applications being refused. The money overpaid on application was utilised towards the sum due on allotment. Ram to whom 1,600 shares were allotted failed to pay the allotment money and Shyam to whom 2,000 shares were allotted failed to pay the two calls. These shares were subsequently forfeited after the second call was made. All the forfeited shares were reissued as fully paid @ ₹ 8 per share.

Pass necessary Journal entries for the above transactions.