Anurag Ltd. invited applications for issuing 1,00,000 equity shares of 10 each at a premium of 10%. The amount was payable as follows:

On application – 3 per share

On allotment – 3 per share (including premium)

On first call – 2 per share

On second and final call – Balance

Applications for 1,50,000 shares were received. The directors decided to reject applications for 50,000 shares and to refund the excess application money in full. Gopal, holding 600 shares, failed to pay the first call and the second and final call.

Pass the necessary journal entries for the above transactions in the books of Anurag Ltd. Open Calls-in-Arrears Account, wherever necessary.

Marks-8, CBSE:2020-21/Compartment/Q-22*

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