X Ltd was registered with an authorised capital of 1000000 divided into equity shares of 10 each. It issued 40,000 shares to the public at a premium of 2 each payable as 2 on application 5 on allotment (including premium), 3 on first call and 2 on second and final call. All the shares were subscribed and all money is duly received. Pass Journal Entries.
