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elegant ltd issued at 25 000 equity shares of rs 10 each at a discount of 10 payable 674526

Elegant Ltd. issued at 25,000 equity shares of Rs.10 each at a discount of 10% payable as follows:

On Application

Rs.3.00 per share

On Allotment

Rs.1.00 per share

On First Call

Rs.2.50 per share

On Final Call

Rs.2.50 per share

Applications were received for 30,000 shares and the directors allotted 25,000 shares and refunded the excess application money for 5,000 shares.

The allotment money was duly received on all the shares. One shareholder holding 1,000 shares did not pay the first call money while another shareholder holding 200 shares paid the final call money along with the first call money. The company did not make the final call.

Show the Cash Book, Journal entries and prepare the Balance Sheet of the Company.

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