M. Khaitan Ltd was formed with an authorised capital of 20,000 equity shares of ₹ 10 each to purchase the business of M. Khaitan for ₹ 1,00,000 by the allotment of fully paid shares. On July 1, 2016, the purchase consideration was satisfied and 9,000 shares were subscribed for by the public at par, ₹ 2 per share being payable on application and ₹ 1 per share on allotment. A first call of ₹ 2.50 per share was due on September 1 and a second call of ₹ 2 per share on November 1. On December 31, 2016, the position as regards shares subscribed by the public was as follows:

On December 31, 2016, all shares on which less than ₹ 5.50 per share had been paid were forfeited. On February 28, 2017, the arrears on 60 shares were collected. On March 1, 2017, the forfeited shares were sold to Goenka at the price of ₹ 8.50 per share. The shares were reissued as fully paid-up. On April 1, 2017, the directors made a final call of ₹ 2.50 per share, payable on June 1. The amount was duly received. Draft Journal Entries to record all the above transactions. Cash transactions are to be passed through the Cash Book.

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Number of shares: Amount paid per share :(*) 8,900 7.50 60 5.50 30 3.00 10 2.00