Avon Cycles Ltd. issued 40,000 Equity Shares of ₹ 10 each at par to public payable ₹ 4 on application, ₹ 3 each on allotment and balance as first and final call

Avon Cycles Ltd. issued 40,000 Equity Shares of ₹ 10 each at par to public payable ₹ 4 on application, ₹ 3 each on allotment and balance as first and final call.

All the shares were applied for and allotted. Vikas, to whom 1,500 shares were allotted, did not pay the first and final call.

Pass the necessary entries in Cash Book and Journal. Also, prepare the Balance Sheet of the company.