Raj Ltd. issued 40,000 equity shares of ₹10 each payable ₹5 on application and ₹5 on allotment. Applications were received for 50,000 shares and the allotment was made on pro-rata basis. Krithika to whom 400 shares were allotted, failed to pay the allotment money and his shares were forfeited.

These shares were re-issued to Chandini at ₹8 per share. 

Give journal entries for forfeiture and re-issue.