X Ltd., invited applications for the issue of 10,00,000 equity shares of Rs. 10 each payable as follows :
`{:("On application and allotment","Rs. 3 per share"),("On first call","Rs. 4 per share"),("On second and final call","Rs. 3 per share"):}`
Applications for 15,00,000 shares were received and pro-rata allotment was made to all the applicants. Excess application money was adjusted on the sums due on first call. When the first call was made one shareholder who had applied for 15,000 shares did not pay the first call money. Pass necessary journal entries in the books of the company.
