Sarthaks Test
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Alfa company Ltd. issued 10,000 shares of Rs.10 each for cash payable at Rs.3 on the application, Rs.2 on the allotment and the balance in two equal instalments. The allotment money was payable on or before March 3, 2006; the first call money on or before 30 June, 2006; and the final call money on or before 31st August, 2006. Mr. ‘A’, whom 600 shares were allotted, paid the entire remaining face value of shares allotted to him on the allotment. Record journal entries in the company’s books and also prepare their balance sheet on the date.

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Balance sheet as on august 31,2006

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