CCL Ltd. invited applications for issuing 75,000 equity shares of ₹10 each at a premium of ₹3 per share.

The amount was payable as follows:

On Application – ₹2 per share

On Allotment – ₹6 per share (including premium)

On First Call – ₹3 per share

On Second and Final Call – Balance

Applications for 1,20,000 shares were received. Application for 45,000 shares were rejected and the excess application money was refunded. Full allotment was made to remaining applicants. All moneys due were received except for Harish, a shareholder holding 2,000 shares, who failed to pay the first and second and final call money.

Pass necessary journal entries for the above transactions in the books of the company.

Marks-6, CBSE:2022-23/Compartment/Q-25*