Savoy Ltd. Invited applicatioins for 4,000 Debetures of ₹ 100 each issued at a premium of 20%. Applications were received for 6,000 debentures and it was decided to deal with the same as follows:
(i) To refuse allotment to applicants fo r1,200 debentures.
(ii) To give full allotment to applicats for 400 debentures.
(iii) To allot the remaining debentures on pro rate basis among other applicants.
To utilise excess appllication money in part payment of allotment money.
Journalise the abive transactions (including cash transactions) assuming that (i) the total amount is payable along with the application, and (ii) when the amount is payable in instalments- on appllications ₹ 20, on allotmemt ₹ 50 (including premium), and balance as fi₹t and final call.

Explanation