Analysts Limited had issued 1,00,000 equity shares of ₹ 10 each to the public at a premium of ₹ 2 per share. The amount was payable as follows : On application ₹ 3; on allotment ₹ 5 (including premium); on first call ₹ 2 and on second call ₹ 2. Applications were received for 1,50,000 equity shares and allotment was made pro-rata to all applicants. Excess amounts paid on applications were adjusted against allotment moneys due. Mr. X who was allotted 500 shares did not pay the allotment money and the two calls. Consequently, his shares were forfeited. Out of the forfeited shares, 300 shares were re-issued to Mr. Y at ₹ 10 per share. Pass necessary Journal Entries (including cash transactions) in the books of the company to record the above transactions and also show the Balance Sheet.