High hopes Ltd. made an issue of 3,00,000 shares (equity) of 10 cach payable as follows :on application* 5 per share (including premium)on allotment4 per shareon call 3регshareApplications were received for 4,20,000 shares. No allotment was made for 20,000 shares applied forand the amount received thereon was refunded along with letters of regret. 3,00,000 shares were allottedpro-rata) amongst the applicants for 4,00,000 shares, the excess application money being adjusted withthe amount due on allotment. Mr. Jacob who had applied for 1,200 shares failed to pay the allotmentmoney. Mr. Kashyap another shareholder holding 1,500 shares failed to pay the call money. Shares ofMr. Jacob were forfeited after the call was made. 500 shares out of the forfeited shares were re-issuedas fully paid on payment of 9 per share to Mr. Mutu. Show the journal entries in the books of thecompany.​