A company issued 10,000 shares of Rs.100 each, payable as follows: On application ........ Rs.30 per share On allotment...... Rs.40 per share On first and final call ....... Rs.30 per share Application were received for 16,000 shares. No allotment was made to 1,000 shares. Rest were allotted on pro-rata basis. All money were duly received except a holder holding 100 shares, failed to pay on first and final call money. Required: Journal entries for: a. Application b. Allotment C. First and final call
