Question

Illustration 3
Cronic Limited issued 10.000 equity shares of Rs. 10 each payable at Rs. 2.00
on application. Rs. 3 on allotment. Rs. 2 on first call, and the balance of Rs. 2.00
on second and final call. All the shares were fully subscribed and paid except of
a shareholder having 100 shares who could not pay for second and final call.
Give journal entries to record these transactions.​

Answer 1

Answer:300 calls-in-arrears

( The balance of Rs. 3 should be in second and final call )