X Ltd. invited applications for issuing 75,000 equity shares of ₹ 10 each at a premium of ₹ 5 per share. The amount was payable as follows:

X Ltd. invited applications for issuing 75,000 equity shares of ₹ 10 each at a premium of ₹ 5 per share. The amount was payable as follows:

On Application & Allotment	₹ 8 per share (including premium)
On First and Final Call	the Balance Amount

Applications for 3,00,000 shares were received. Applications for 2,00,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The first and final call was made. The amount was duly received except on 1,500 shares applied by Ravi. His shares were forfeited. The forfeited shares were re-issued at a discount of ₹ 4 per share. Excess application and allotment money can be utilised for calls. Pass necessary journal entries for the above transactions in the books of X Ltd. [Ans. Amount received on First and Final Call ₹ 2,21,625; Capital Reserve ₹ 3,375]