Grand Retail Ltd. invited applications for 2,00,000 Equity Shares of ₹ 10 each on the following terms:

Grand Retail Ltd. invited applications for 2,00,000 Equity Shares of ₹ 10 each on the following terms:

₹ 2.50 per share on application;

₹ 5 per share (including premium of ₹ 2.50 per share) payable on allotment;

₹ 5 per share payable on the first and the final call.

Applications were received for 2,50,000 shares.

It was decided to:

(i) refuse allotment to the applicants for 10,000 shares;

(ii) allot in full to the applicants for 40,000 shares;

(iii) allot balance of the available shares on pro-rata basis among other applicants; and

(iv) utilise the excess application money in part payment of the allotment money.

One applicant to whom shares had been allotted in full did not pay the amount due on call, and his 200 shares were forfeited. These shares were reissued, @ ₹ 9 fully paid. Give Journal entries to record the above and also show how this issue will appear in Balance Sheet of the company.