Commerce – Q. 1A1026 Commerce, Corporate Accounting, Share Capital

A company issued 3,000 equity shares of ₹10 each at a premium of ₹3 per share, payable as follows:

• ₹3 on Application
• ₹4 on Allotment, including premium
• ₹2 on First Call
• ₹4 on Second and Final Call

All shares were fully subscribed.

Mr. Arun, who held 150 shares, failed to pay the First Call and Second and Final Call.

Mr. Binu, who held 100 shares, failed to pay the Second and Final Call.

Mr. Charan, who held 60 shares, paid the Second and Final Call in advance along with the First Call.

Pass the necessary journal entries in the books of the company.