M/s. XYZ Ltd gets incorporated in 01st Dec, 2018, with an Authorised Share Capital₹100 Lakhs, Consist of Equity shares of ₹50 Each Face value. The company made an IPO (Initial Public Offer) on 01st March, 2019 to the tune of 1,00,000 number of equity shares and the applications gets closed on 15th March, 2019. The issue price is @ 20% Premium on the face value of per share. The money payable is as follows, on application ₹10/-, On allotment ₹35/-(Including Premium), On First Call ₹10/- and On Final Call ₹5/- The total number of applications received for 3,30,000 shares. The Board of directors, in their meeting held on 15th April, 2019, decides to allot the shares in the following manner. Particulars Category-I Category-II Category-III Category-IVNo of shares Applied 30,000 75,000 1,00,000 1,25,000Allotment Ratio (Allotment : Application) 1:2 2:5 3:10 1:5 The excess application money received is utilised against the allotment due and if any excess the same have been refunded in 5 days, after the date of allotment. The Shareholders paid the allotment money on due date, which is 30 days from the date of allotment, except four shareholders, applied 1,000 shares each, in each category, paid only the application money. Non-payment of shares is liable for forfeiture and directors have exercised their rights on 15th June, 2019. In the next board meeting, held on 01st January, 2020, the directors made a first call and the money to be paid within 30 days. All the money has been received within due date, except Mr. B, holding 600 shares, is not paid the first call. However, Mr. A, holding 500 shares, paid the final money along with first call itself on the due date. The directors have recognised the interest on calls-in-arrear @ 10% and calls-inadvance @12%. In the next board meeting held on 01st April, 2020, the directors made a final call and the money to be paid within 7 days. All the money has been received within the due date, except Mr. B holdings. The directors have forfeited the shares of Mr. B on 15th April, 2020 and they have reissued 1,000 shares of forfeited, in the forfeiture proportionate and the re-issue price is ₹45/- per share. You are required to pass the journal entries in the books of M/s. XYZ Ltd and what will be your answer, if the issue price is only ₹55/- ​