Gulab & Co. Ltd. issued for subscription 10,000 shares of ₹ 100 each at a premium of ₹ 20 per share payable as follows:

Gulab & Co. Ltd. issued for subscription 10,000 shares of ₹ 100 each at a premium of ₹ 20 per share payable as follows:

₹ 10 per share on application;

₹ 50 per share and ₹ 10 premium on the first and final call.

Excess payments on application were to be applied towards amounts due on allotment and over payments on the application exceeding amounts due on allotment were to be returned. The issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted 1,000 shares and applicants for 2,000 shares were sent letters of regret and application deposits were returned to them. All the amounts due on allotment and the first and final call were duly received.

Pass the necessary entries in the company’s books and prepare the Balance Sheet.