A Company invited applications for 5,000 shares of ₹ 100 each. The amount is payable as follows: On Applications ₹ 20 per share On Allotment ₹ 30 per share

A Company invited applications for 5,000 shares of ₹ 100 each. The amount is payable as follows:

On Applications	₹ 20 per share
On Allotment	₹ 30 per share
On First Call	₹ 20 per share
On Second and Final Call	₹ 30 per share

Applications were received for 8,000 shares. Applications for 1,000 shares were rejected and pro-rata allotment was made to the remaining applicants. All calls were made and duly paid except: (i) Ganesh, the holder of 200 shares paid the two calls with allotment. (ii) Shiva, the holder of 300 shares failed to pay the first and second call money. Pass necessary journal entries to record the above transactions. [Ans. Net amount received on first call ₹ 90,000 and on Second Call ₹ 1,35,000.]