On 1st January, 2011, New Ventures Ltd. issued 1,00,000 value shares of Rs.10 every payable as takes after:
On application Rs. 3
On allocation Rs. 2
On first Call Rs. 2 (Payable following 2 months, from the date of allocation)
On Final Call Rs. 3 (Payable following 2 months from the date of first call)
Applications were gotten on fifteenth January, 2011 for 1,20,000 shares and allocation was made on 1st February, 2011. Candidates for 50,000 shares were allocated in full, those for 60,000 shares were dispensed 50,000 shares and applications for 10,000 shares were rejected.
Offset of sum due on distribution was gotten on fifteenth February. The calls were rightfully made on 1st March, 2011 and 1st April, 2011 individually. One shareholder did not pay the first Call cash on 3,000 shares which he paid with the last assemble with enthusiasm at 5% p.a. Another shareholder holding 2,000 offer did not pay the last call cash till end of the bookkeeping year which closes on 30th June. Demonstrate the Cash Book and Journal Passages.