(Issue of Shares at Par, Oversubscription and Pro rata Allotment).
Kirloskar Ltd. issued 20,000 shares of Rs. 10 each, payable Rs. 4 on application, Rs. 3 on allotment and Rs. 3 on first and final call. Applications were received for 25,000 shares. The company decided to allot 20,000 shares on pro rata basis and surplus of application money was utilised for allotment money due.
Pass Journal entries assuming that the amounts due were received. Also, show share capital in the Balance Sheet of the company.