Hero Cycles Ltd., offered 20,000 Equity Shares of ₹ 10 each at par to public payable as ₹ 3 on application; ₹ 3 on allotment; ₹ 2 on the first call; and ₹ 2 on the final call

Hero Cycles Ltd., offered 20,000 Equity Shares of ₹ 10 each at par to public payable as ₹ 3 on application; ₹ 3 on allotment; ₹ 2 on the first call; and ₹ 2 on the final call.

All the shares were applied for and allotted. Rakesh, to whom 1,000 shares were allotted, paid the balance amount not yet called along with allotment (under arrangement with Directors). The company has not yet made the final call.

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