Question - 20

Cronic Ltd. was issued 10,000 equity shares of Rs. 10 each payable at Rs. 2.50 on application. Rs. 3 on allotment, Rs. 2 on first call and the balance of Rs. 2.50 on final call. All the shares were fully subscribed and paid except of a shareholder having 100 shares who could not pay for the final call. Give journal entries to record these transations.

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