On April 1,2018, a Limited Company was incorporated with an authorised capital of Rs. 8,00,000 divided into shares of Rs. 10 each. It offered to the public for subscription of 60,000 shares payable as follows :
`{:("On Application","Rs. 3 per share"),("On Allotment (May 1,2018)","Rs. 2 per share"),("On First and Final Call (One month after allotment)","Rs. 5 per share"):}`
Public applied for 92,000 shares and the applicatio money was duly received on April 15,2018. Applications for 2,000 shares were rejected and applicants for 90,000
shares were allotted 60,000 shares. Give Journal entries to record the transactions in the books of the company if :
(i) The amount due has been duly received.
(ii) The company maintains the combined account for application and allotment.

Explanation

Notes :
(1) Only one entry is passed for crediting the Share Capital Account in respect of both the application money and the allotment money.
(2) Entry for surplus application money to be adjusted on allotment need not be passed.
`{:(,,"Rs."),("Amount due on allotment : 60,000 shares" xx Rs. 2,=,"1,20,000"),("Less : Excess received on application : 30,000 shares" xx Rs. 3,=,ul("90,000")),(,,ul(ul("30,000"))):}`
(4) There will be no change in the entries respect of Calls on Shares.