On 1 January 2010, Pappu & Co. Ltd. was incorporated with an authorized capital of 20,00,000 divided into shares of Rs10 each. It offered to the public for subscription of 50,000 shares payable as follows:
|
On Application |
4 per Share |
|
On Allotment |
3 per Share |
|
On First Call |
2 per Share |
|
On Second & Final Call |
Re 1 per Share |
Shares were fully subscribed. Application money was received on 15 January 2010. The directors made the allotment on 15 February 2010.
Journalize the above transactions in the books of Pappu & Co. Ltd.