Kanpur Gas Ltd. issued 40,000 equity shares of ₹ 10 each at a premium of ₹ 1 per share. Amounts were payable as follows:

Kanpur Gas Ltd. issued 40,000 equity shares of ₹ 10 each at a premium of ₹ 1 per share. Amounts were payable as follows:

₹ 2.50 on Application; ₹ 4.50 on Allotment (including premium); ₹ 2 on First Call and ₹ 2 on Final Call.

Applications were received for 37,000 shares.

Give Journal Entries assuming that all sums have been received on due dates.

[Ans. Share Capital ₹ 3,70,000; Cash at Bank ₹ 4,07,000.]