15 :- Modern Diaries Ltd. was registered with an authorised capital of Rs 10,00,000 divided into 7,500 Equity Shares of Rs 100 each and 2,500 Preference Share of Rs 100 each. 1,000 Equity Shares and 500, 9% Preference shares were offered to public on the following terms – Equity Shares payable Rs 10 on Application, Rs 40 on Allotment and the Balance in two calls of Rs 25 each. Preference Shares are payable Rs 25 on application, Rs 25 on Allotment and Rs 50 on first and final call. All the shares were applied for and alloted. Amount due was duly Received.
You are required to prepare Cash Book. Pass necessary Journal Entries and show Share Capital in the Balance Sheet.
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