(Calls-in-Arrears and Calls paid in Advance both).
The Kerala Coir Milks Ltd., with an authorised capital of 5,00,000 Equity Shares of Rs. 10 each, issued 2,00,000 Equity Shares, payable Rs. On application, Rs. 2 on allotment, Rs. 3 on first call and Rs. 2 on second and final call.
The amount due on allotment was received. On the first call being made, one shareholder holding 6,000 Equity Shares paid second and final call along with the first call while five shareholders with a total holding of 10,000 Equity Shares did not pay the first call on their Equity Shares. Company has not demanded the second and final call.
Pass Journal entries to record the transactions and draw up the company's Balance Sheet.