SaReGaMa Ltd. invited applications for issuing 80,000 equity shares of ₹ 100 each at a premium of ₹ 10. The amount was payable as follows:

SaReGaMa Ltd. invited applications for issuing 80,000 equity shares of ₹ 100 each at a premium of ₹ 10. The amount was payable as follows:

On Application	₹ 30
On Allotment	₹ 30 (including a premium of ₹ 10)
On First Call	₹ 30
On Final Call	Balance

Applications of 1,20,000 shares were received. Allotment was made on pro rata basis to all applicants. Excess money received on application was adjusted on sums due on allotment. Dhwani, who was allotted 1,600 shares, failed to pay allotment money and Sargam who applied for 6,000 shares did not pay first call money. These shares were forfeited immediately after first call. 2,000 of these shares (including all shares of Dhwani were issued to Tarang for ₹ 95 per share as ₹ 80 paid-up. Pass necessary Journal entries in books of Saregama Ltd. by opening calls in Arrear and Calls in Advance Accounts, if final call has not been made. [Ans.: Amount transferred to Capital Reserve – ₹ 92,000.]