Q. Over-subscription of Shares, Share issue at par, Calls in Arrears, Calls in Advance, Class 12th

Concept & Journal Entries of Over-subscription of Shares, Share issue at par, Calls in Arrears, Calls in Advance, Chapter 6, Class 12th. Q. A Ltd. invited applications for 50,000 shares of ₹ 100 each. The amount is payable as follows : On Application ₹ 20 per Share On Allotment ₹ 30 per Share On First Call ₹ 20 per Share On Final Call ₹ 30 per Share Application were received for 80,000 Shares. Application for 10,000 Shares were rejected and pro-rata Allotment was made to the remaining applicants. Allotment calls were made and duly paid except : G , the holder of 2,000 shares paid the two calls with Allotment . S , the holder of 3,000 shares failed to pay the First and Final Call money. Pass necessary journal entries to record the above transactions.