Commerce – Q. 1A1023 Commerce, Corporate Accounting, Share Capital

A company issued 1,000 equity shares of ₹10 each at a discount of ₹2 per share, payable as follows:

• ₹2 on application
• ₹2 on allotment, after adjusting the discount
• ₹2 on first call
• ₹2 on final call

All shares were fully subscribed.

Mr. Ram, who held 100 shares, failed to pay the first call and final call.
Mr. Raju, who held 70 shares, failed to pay the final call.
Mr. Manu, who held 40 shares, paid the final call amount along with the first call.

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