X Ltd., invited applications for 20,000 shares of Rs. 10 each payable as follows : Rs. 3 on Application, Rs. 2 on Allotment, Rs. 2.50 on First Call and Rs. 2.50 on Second Call. Public applied for 30,000 shares and the allotments were made as under :
To Applicants for 8,000 shares ...................... full
To Applicants for 16,000 shares ...................... 12,000 shares
To Applicants for 6,000 shares ...................... Nil
All moneys were duly received.
Pass Journal Entries.

Explanation