Veer Ltd. invited applications for 1,00,000 Equity Shares of ₹ 500 each at a premium of ₹ 100 per share

Veer Ltd. invited applications for 1,00,000 Equity Shares of ₹ 500 each at a premium of ₹ 100 per share. The amount was payable as:

On Application – ₹ 200 per share;

On Allotment – ₹ 300 per share (including premium);

On First and Final Call – balance.

Applications for 2,00,000 shares were received. Applications for 50,000 shares were rejected and the application money was refunded. Pro rata allotment was made to the remaining applicants. Amount overpaid with application was adjusted sums due on allotment.

All calls were made and were duly received except the first and final call on 100 shares allotted to Vasu. These shares were forfeited. The forfeited shares were reissued to Ravi for ₹ 60,000 fully paid-up.

Pass necessary Journal entries in the books of the company for the above transactions.