Soft Drilling Ltd. has authorised capital of ₹ 10,00,000 divided into shares of ₹ 10 each. It offered 40,000 shares on the following terms

Soft Drilling Ltd. has authorised capital of ₹ 10,00,000 divided into shares of ₹ 10 each. It offered 40,000 shares on the following terms:

₹ 2 per share on application, ₹ 5 per share (including ₹ 2 premium) on allotment, ₹ 3 per share on the first call and ₹ 2 per share on the final call. Applications were received for 60,000 shares. Applicants for 20,000 shares were sent letters of regret and the application money was refunded. All the amounts due on shares were duly received. Give necessary Journal entries and prepare the Balance Sheet.