X Ltd. issued shares for Rs. 20,00,000 divided into shares of Rs. 10 each at a premium of Rs. 5 per share, payable as under :
`{:("On Application","Rs. 4 per share"),("On Allotment","Rs. 6 (including premium of Rs. 3)"),("On First Final Call","Balance"):}`
Excess application money was to be adjusted against allotment and first and final call and the money on rejected applications was to be returned. The issue was oversubscribed to extent of 80,000 shares and the allotment was made as follows :
(i) Applicants of 1,00,000 shares were allotted 30% shares, aspplicants for 10,000 shares were rejected and the remaining applicants were given full allotment. All the money was duly received. Give journal entries.

Explanation

Amount transferred to Calls in Advance Account Rs. 1,00,000, Amount received on Allotment Rs. 10,20,000, Amount received on First & Final Call Rs. 9,00,000.