Lalita Ltd. was established with an authorised capital of Rs 10,00,000 divided into Rs 1,00,000 equity shares of ? 10 each. Company issued Rs 75,000 shares to the public at Rs 11 per share, which was payable as follows :
Rs 3 on application, Rs 4 (including premium) on allotment and balance on first and final call. Applications were received for 70,000 shares from public. Ah the amount were received in time except the following :
Ramesh who holds Rs 1,000 shares, failed to pay the allotment and first and final call money. Suresh holds Rs 2,000 shares, failed to pay first and final cash money. Record the above transactions in the cash book and journal of the company and prepare Balance Sheet.