Birch Ltd. issued 20,000, 9% Debentures of ₹ 100 each at a premium of 10% payable as follows

Birch Ltd. issued 20,000, 9% Debentures of ₹ 100 each at a premium of 10% payable as follows:

On Application ₹ 20 (1st January), on Allotment ₹ 40 (including premium) (1st April), on First Call ₹ 30 (1st June), on Second and Final Call ₹ 20 (1st August).

Applications were received for 18,000 debentures and the allotment was made. One debentureholder to whom 400 debenture were allotted paid the entire balance on his debentureholding with allotment money and another debentureholder did not pay allotment and First call money on his 600 debentures but which he paid with final call.

Calculate the amount of Interest paid and received on Calls-in-Advance (@ 12% p.a.) and Calls-in-Arrears (@ 10% p.a.) on 1st August. Also, give Journal entries to record the above transactions assuming that Calls-in-Arrears Account is maintained.