Citizen Watches Ltd. invited applications for 50,000 shares of ₹ 10 each payable ₹ 3 on application, ₹ 4 on allotment and balance on first and final call. Applications were received for 60,000 shares. Applications were accepted for 50,000 shares, and the remaining applications were rejected. All call were made and received except First and Final call on 500 shares.
Pass the Journal entries in the book sof Citizen Watches Ltd.