On 1st April 2013, Kapil Trading Co. Ltd was incorporated with an

authorized capital of Rs.60,00,000 divided into equity shares of Rs.100 each.

The company offered to the public for subscription 30,000 equity shares

payable as follows:

On Application Rs.30 per share

On Allotment Rs.40 per share

On first call Rs.20 per Share (One month after Allotment)

On final call Rs.10 per share (Two months after First call)

The shares were fully subscribed by the public and application money duly

received on 20th April 2013. The Board of Directors decided to make allotment

on 1st May 2013.

All the amount due were duly received on 20th day of making the allotment and

calls money, with the exception of 6,000 shares of Mr. Ruturaj who failed to

pay final call money.

Pass journal entries in the books of Kapil Trading Co. Ltd