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Global Ltd invited applications for 30,000 shares of Rs. 100 each at a premium of  Rs. 20 per share payable as follows: On application Rs. 40 (including Rs. 10 premium); on allotment Rs. 30 (including Rs. 10 premium); on first call Rs. 30 and on second and final call Rs. 20. Applications were received for 40,000 shares and pro-rata allotment was made on the application for 35,000 shares. Excess application money is to be utilized towards sum due on allotment. Nisha to whom 600 shares were allotted failed to pay the allotment money and her shares were forfeited after allotment. Asha who applied for 1,050 shares failed to pay the first call and her shares were forfeited after first call. Second and final call was made. All the money due on second call have been received. Of the shares forfeited, 1,000 shares were reissued as fully paid-up for Rs. 80 per share, which included the whole of Asha's shares. Record necessary journal entries in the books of Global Ltd. Or XYZ Ltd issued 50,000 shares of Rs. 10 each at a premium of Rs. 2 per share, payable as follows: Rs. 3 on application; Rs. 6 on allotment (including premium) and Rs. 3 on call Applications were received for 75,000 shares and a pro-rata allotment was made as follows: To the applicants of 40,000 shares, 30,000 shares were issued and for the rest 20,000 shares were issued. All money due were received except the allotment and call money from Q who had applied for 1,200 shares (out of group of 40,000 shares). All his shares were forfeited. The forfeited shares were reissued for Rs. 7 per share fully paid-up. Pass necessary journal entries for the above transactions.

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