32 :- Blue Chips Ltd. was registered on 1st January, 2024 with a capital of Rs 10,00,000 divided into 1,00,000 shares of Rs 10 each. The company issued 42,000 shares of which 40,000 shares were subscribed by public and Rs 1 per share was received with application. On 1st February, 2024, these shares were alloted and Rs 2 per share was duly received on 28th February, 2024 as allotment money. First Call of Rs 3 per share was made on 1st March, 2024 and the call money on all shares with the exception of 100 shares was received. The final call of Rs 4 per share was made on 1st June, 2024 and the amount due, with the exception of 400 shares, was received by 30th June, 2024.
Pass necessary Journal and Cash Book entries and prepare the Balance Sheet as at 30th June, 2024.
Solution :-
