Sonu Ltd. company issued 15,000 shares of Rs. 10 each. Payment on there shares is to be made as follows: On application Rs.4( 1st Feb, 2003) On allotment Rs. 3(1st April, 2003) On final call Rs. 3(1st May, 2003) Rakesh to whom 1000 shares were allotted paid the full amount on application and mohan to whom 200 shares were allotted paid the final call money on allotment. Interest @ 6% was paid on 1st May, 2003. Pass necessary journal entries.

Sonu Ltd. company issued 15,000 shares of Rs. 10 each. Payment on ther

1.	Sonu Ltd. company issued 15,000 shares of Rs. 10 each. Payment on there shares is to be made as follows: On application Rs.4( 1st Feb, 2003) On allotment Rs. 3(1st April, 2003) On final call Rs. 3(1st May, 2003) Rakesh to whom 1000 shares were allotted paid the full amount on application and mohan to whom 200 shares were allotted paid the final call money on allotment. Interest @ 6% was paid on 1st May, 2003. Pass necessary journal entries.
Answer» Interest on Calls in advance = 15 + 3 = Rs. 18