A Ltd., forfeited 400 shares of Mr. X who had applied for 600 shares on account of non-payment of allotment, first call and final call. Shares were issued at Rs. 2 premium payable as follows :
On Application Rs. 3, on Allotment Rs. 3 + 2, on First call Rs. 2 and Final Call Rs. 2. Out of these, 300 shares were re-issued to Mr. Y at the rate of Rs. 12 per share as fully paid shares. Give journal entries in the books of company to record above transactions.