Rohit Company Limited was registered with the capital of Rs. 5,00,000, which was divisible @ Rs. 10 in 50,000 shares. The company issued 40,000 shares out of them, on which Rs. 2 per share on application, Rs. 2 per share on allotment, Rs. 4 per share on 1st call and Rs. 2 per share on final call were payable. The public purchased all shares and the amounts were received. However, one shareholder who held 500 shares did not pay the amount of final calls. The directors forfeited these shares and reissued them @ Rs. 6 per share.
Pass necessary journal entries in the books of the company.