Zee Limited was registered with a capital of Rs. 20,00,000, divided into 80,000 shares
of Rs. Each. The Company offered to the public for subscription 40,000 shares
payable Rs. 7.50 per share on Application, Rs. 7.50 per share on allotment and the
balance in two calls of equal amounts. The company received applications for 46,400
shares. Applications for 4,000 shares were rejected altogether and the application
money was returned to the applicants . A person who applied for 4,000 shares was
allotted only 1,600 shares and the excess of his application money was carried
forward towards the payment of allotment and calls.
Make Journal entries to record the above issue of shares.