Elegant Ltd. issued 25,000 value shares of ` 10 every at a rebate of 10% payable as follows:
On Application Rs. 3.00 for every offer
On Allotment Rs. 1.00 for every offer
On First Call Rs. 2.50 for each offer
On Final Call Rs. 2.50 for each offer
Applications were gotten for 30,000 shares and the chiefs assigned 25,000 shares and discounted the abundance application cash for 5,000 shares.
The designation cash was appropriately gotten on every one of the shares. One shareholder holding 1,000 shares did not pay the primary call cash while another shareholder holding 200 shares paid the last call cash alongside the first call cash. The organization did not make the last call.
Demonstrate the Cash book, Journal passages and set up the Balance sheet of the organization.