Rs. Rs. Particulars By Share Application By Interest on call in Advance By Balance c/d 6,000 24 59,983.50 Particulars To Share Application To Share Allotment To Calls in Advance To Shares First Call To Share First Call To Share First Call To Interest on Calls in Advance Total 24,000 17,000 1,000 9,000 14.400 600 7.50 66,007.50 66,007.50 942 BALANCE SHEET Rs. Rs. Assets Fixed Assets Building, Plant & Machinery 24,000 1,00,000 Liabilities Share Capital Authorised 10,000 shares of Rs. 10 each Issued and Subscribed 7,000 shares of Rs. 10 each fully called and paid up (Out of these 2,000 shares were issued for consideration other than cash) Reserves and Surplus Securities Premium Current Assets Loans & Advances Cash at Bank 59,983.50 70,000 Miscellaneous Expenditure & Losses 16.50 Profit & Loss Account (Net Interest) 14,000 84,000 84.000 Problem on 1 January, 2006, Prosperous Ltd. was registered with a nominal capital 60,000 eq- 2.14 uity share of Rs. 10 each. On 5 January 10,000 of these shares were allotted at par, the cash being received in full forthwith. On November 4, the balance of shares were of- fered to the public at a premium of Rs. 2.50 per share, the whole issue having been underwritten for a commission of 2 per cent of the issue price. Only 28,000 shares were subscribed by and allotted to the public. Rs. 2.50 per share was payable on application, Rs. 5 on allotment and a first call of Rs. 3 per share was payable on 15th December. The whole of the money due from the public was paid: the underwriters had paid the application and allotment money, but had not paid the first call before the end of the year. You are required to give the necessary journal entries for these transactions and show how they would appear in the company's Balance Sheet on 31st December, 2006, assuming that the underwriting commission was not yet paid