(Issue of shares at Premium, Fully subscribed, Amount Payable in Instalments).
New India Ltd. was registered with a capital of Rs. 1,00,00,000 in equity shares of Rs. 100 each.
It issued a prospectus inviting applications for 20,000 shares at 40% premium payable as follows:
On Application Rs. 50 (including Rs. 10 premium),
On Allotment Rs. 40 (including Rs. 10 premium),
On First Call Rs. 30 (including Rs. 10 premium),
Applications were received for 20,000. The amount due was received.
Pass the necessary Journal entries and also show how 'Share Capital' Will be shown in the Balance Sheet of the Company.