Share capital of Bluestar Ltd at 31 March 2018 was as follows:

Ordinary Shares 600,000 Issue price of $8 each paid to $5

Preference Shares 200,000 Issue price of $8 each paid to $4

At 31 March 2018, a further call of $3.00 on ordinary shares and $4 on preference shareswas made. During the 3 months to 30 June 2018, all calls were duly received exceptthose on 11,000 preference shares which were forfeited as at 30 June 2018. To bringcapital back to the original amount of issued capital, the forfeited shares were offeredto an investment company at a price of $7.00 per share paid to $8 and the transfer wascompleted on 30 September 2018. According to the company's constitution,

shareholders' equity in forfeited shares must be refunded to them. On 31 October 2018,the previous owner of forfeited shares received a refund cheque for the amount due, lessselling costs of $1,550.

Required: Prepare journal entries to record the above transactions. Narrations arerequired.