Home Products Ltd. is registered with authorised capital of ₹ 10,00,000 divided into 1,00,000 Equity Shares of ₹ 10 each. it issued 70,000 Equity Shares for subscription at premium of ₹ 2 per share, payable ₹ 3 on application, ₹ 5 on allotment and balance on first and final call. It received subscription for 62,500 shares.
You are required to pass the necessary Journal entries.
[Hint: Minimum subscription is not received.]