Life Machine Tool’s Limited issued 50,000 equity shares of Rs. 10 each at Rs. 12 per share, payable at to Rs. 5 on application (including premium, Rs. 4 on allotment and the balance on the first and final call. Applications for 70,000 shares had been received. Of the cash received, Rs. 40,000 was returned and Rs.60,000 was applied to the amount due on allotment. All shareholders paid the call due, with the exception of one shareholder of 500 shares. These shares were forfeited and reissued as fully paid at Rs. 8 per share. Journalise the transactions.
