Arti Limited invited applications for issuing 80,000 shares of Rs 10 each at a premium of Rs 4 per share. The amount was payable as follows: On Application Rs 5 per share. On Allotment Rs 9 per share (including premium ) Applications were received for 1,40,000 shares. Allotment was made on the following basis : (a) To applicants for 80,000 shares - 60,000 shares. (b) To applicants for 60,000 shares - 20,000 shares. Money overpaid on application was utilised towards sum due on allotment. Rajiv, who had applied for 1,200 shares was allotted shares under category (a), failed to pay his dues and his shares were forfeited. Later on forfeited shares were re-issued to Mr. Rakesh for Rs 12 per share. Pass Journal entries in the books of Arti Limited to record the above transactions. OR On 1st April, 2017, Logi-tech Ltd. was formed with an authorised capital of Rs 50,00,000 divided into 5,00,000 equity shares of Rs 10 each. The company issued prospectus inviting applications for 4,50,000 equity shares. The company received applications for 4,20,000 equity shares. During the first year Rs 8 per share were called. Amount called was as follows : On Applications Rs 2 per share; On Allotment Rs 4 per share and On first call Rs 2 per share. Alok holding 1,000 shares and Raju holding 2,000 shares did not pay the first call of Rs 2 per share. Raju's shares were forfeited after the first call and later on 1,500 of the forfeited shares were re-issued at Rs 6 per share, Rs 8 called up. Pass the necessary Journal entries.