Qumtan Ltd. invited applications for issuing 1,00,000 equity shares of Rs. 10 each at a 

premium of Rs. 6 per share. The amount was payable as follows:

On Application and Allotment – Rs. 8 per share (including premium Rs. 3)

  On First and Final call – Balance (including premium)  

Applications for 1,60,000 shares were received. Applications for 10,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Excess money received on application and allotment was returned. Dheeraj, who was allotted 200 shares, failed to pay the first and final call money. His shares were forfeited. All the forfeited shares were reissued at Rs. 5 per share fully paid up.

Pass necessary journal entries in the books of Qumtan Ltd.

Marks-6, CBSE: 2023-24/Zone-1/Set-1/Q-25*