A company issued 20,000 equity shares of Rs.10 each payable at Rs.3 on the application, Rs.3 on the allotment, Rs.2 on the first call and Rs.2 on second and the final call. The allotment money was payable on or before May 01, 2005; first call money on or before August Ist, 2005; and the second and final call on or before October Ist, 2005; ‘X’, whom 1,000 shares were allotted, did not pay the allotment and call money; ‘Y’, an allottee of Rs.600 shares, did not pay the two calls; and ‘Z’, whom 400 shares were allotted, did not pay the final call. Pass journal entries and prepare the Balance Sheet of the company as on December 31, 2005.
