X Ltd. issued 20,000, 7% Preference Shares of ₹ 100 each at a premium of 6%. Payments were to be made as – ₹ 25 on Application; ₹ 46 on Allotment, ₹ 10 on First call and ₹ 25 on Final Call

X Ltd. issued 20,000, 7% Preference Shares of ₹ 100 each at a premium of 6%. Payments were to be made as ₹ 25 on Application; ₹ 46 on Allotment, ₹ 10 on First call and ₹ 25 on Final Call.

The applications for 18,000 shares were received and all were accepted. All the money was duly received except the first and final call on 100 shares.

Give the necessary Journal Entries. Also show the Share Capital in the Balance Sheet of the Company

[Ans. First Call in arrear ₹ 1,000; Final Call in arrear ₹ 2,500; Share Capital ₹ 17,96,500; Securities Premium ₹ 1,08,000.]