X Ltd. issued shares for ₹ 20,00,000 divided into shares of ₹ 10 each at a premium of ₹ 5 per share, payable as under:

X Ltd. issued shares for ₹ 20,00,000 divided into shares of ₹ 10 each at a premium of ₹ 5 per share, payable as under:

On Application	₹ 4 per share
On Allotment	₹ 6 (including premium ₹ 3)
On First and Final Call	Balance

Excess application money was to be adjusted against allotment and first and final call and the money on rejected applications was to be returned. The issue was oversubscribed to the extent of 80,000 shares and the allotment was made as follows: Applicants of 1,00,000 shares were allotted 30% shares, applicants for 10,000 shares were rejected and the remaining applicants were given full allotment. All the money was duly received. Give journal entries. [Ans. Amount transferred to Calls in Advance Account ₹ 1,00,000; Amount received on Allotment ₹ 10,20,000; Amount received on First & Final Call ₹ 9,00,000.]