Tiny Toys Ltd. issued ₹ 10,00,000 shares of ₹ 100 each at a premium of ₹ 20 for subscription payable as:

Tiny Toys Ltd. issued ₹ 10,00,000 shares of ₹ 100 each at a premium of ₹ 20 for subscription payable as:

₹ 10 per share on application,

₹ 40 per share and ₹ 10 premium on allotment, and

₹ 50 per share and ₹ 10 premium on final payment.

Issue was oversubscribed receiving applications for 13,000 shares. Applicants for 11,000 shares were allotted 10,000 shares and applicants for 2,000 shares were sent letters of regret. All the money due on allotment and final call was duly received. Pass necessary entries in the company’s books to record the above transactions. Also, prepare company’s Balance Sheet on completion of the above transactions.

[Ans.: Balance Sheet Total – ₹ 12,00,000.]