Q.116. Ganesh Ltd. issued a prospectus inviting applications for 20,000 shares ofF10 each at a premium of 34 per share, payable as follows:On Application34 (including premium 1)On Allotment3 (including premium 1)On First Call33 (including premium 1)On Second and Final Call 34 (including premium 1)Applications were received for 30,000 shares and pro-rata allotment was made onthe applications for 24,000 shares. It was decided to utilise excess application moneytowards the sums due on allotment.X, who was allotted 500 shares, failed to pay the allotment money and on hissubsequent failure to pay the first call, his share were forfeited.Y, who applied for 1,800 shares, failed to pay the two calls and his shares wereforfeited after the second call.Of the shares forfeited, 1,700 shares were re-issued as fully paid up for 38 pershare, the whole of Y's shares being included.Prepare Cash Book, Journal and Balance Sheet.​