Xyz ltd invited applications for issuing 40000 equity shares of rs. 10 reach at a premium of rs 2 per shares .the amount was payable as follows: on applictaions rs 6 including preminum and balance on allotment applications for 50000 shares were received .pro rata allotment wsa made to an applicants .excess money received on applications wsa adjusted towards sums due on allotment .a shareholder to whom 8000 share were alloted failed to pay the allotment money and therefore his shares are forfeited .later on the forfeited shares were re issued for 70000 as fully paid .pass necessary journal entries in the books of z ltd