Chandra Ltd., issued 40,000 shares of Rs. 10 each payable as follows :
`{:("Rs. 2.50 on Application payable on","1st May, 2015"),("Rs. 2.50 on Allotment payable on","1st July, 2015"),("Rs. 2.00 on First Call payable on","1st Oct., 2015"),("Rs. 3.00 on Second Call payable on","1st Feb., 2016"):}`
All these shares were subscribed and amount received. Mohan who had 800 shares, paid the amount of first and second calls with allotment. Pass Journal entries in the books of the Company.

Explanation

Note : Share Application A/c will be transferred to the Share Capital A/c on the date of allotment.