Commerce – Q. 1A1024 Commerce, Corporate Accounting, Share Capital

A company issued 2,000 equity shares of ₹10 each at a premium of ₹3 per share, payable as follows:

• ₹2 on application
• ₹5 on allotment, including premium
• ₹3 on first
• ₹3 on final call

All shares were subscribed.

Mr. Arun, holding 150 shares, failed to pay the allotment and call money.
Mr. Binu, holding 100 shares, failed to pay the call money.
Mr. Charan, holding 50 shares, paid the call money in advance along with the allotment money.

Pass the necessary journal entries.