Rakhi Ltd. was registered with an authorised capital of Rs 20,00,000 divided into Rs 12,000 equity shares of Rs 100 each and Rs 8,000, 8% Preference shares of Rs 100 each. 5,000 Equity shares and 2,000 preference shares were offered to public on the following terms :
|
Equality Share(Rs) |
Preference Share(Rs) |
| Payable on application per share |
25 |
25 |
| Payable on allotment per share |
25 |
45 |
| Payable on first call per share |
25 |
30 |
| Payable on second and final call per share |
25 |
|
All the shares were applied for and allotted. All money was duly received. Give necessary journal entries to record the above transactions in the books of Rakhi Ltd. and show the share capital in the balance sheet.
