X Ltd., invited applications for 50,000 Equity Shares of Rs. 10 each, payable Rs. 3.50 on application, Rs. 5 on allotment (including premium Rs. 2.50), and Rs. 4 on first and final call. The company received applications for 65,000 shares. It was decided :
(a) to refuse allotment to the applicants for 5,000 shares,
(b) to allot in full to the applicants for 20,000 shares,
(c ) to allot balance of the available shares pro-rata among the other applicants, and
(d) to utilise the excess application money in part payament of allotment money.
All the money due was received except from one applicant to whom shares had been allotted on pro-rata basis. He failed to pay allotment and call money and his 300 shares were forfeited. These shares were re-issued at Rs. 9 as fully paid. Give journal entries to record the above transactions in the books of the company.