Illustration 7 A Ltd. Company issued 10,000 shares of 10 each. Payment on these shares i...

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Illustration 7 A Ltd. Company issued 10,000 shares of 10 each. Payment on these shares i be made in the following manner: On application 4 (1st January, 2009) On allotment 4 (1st March, 2009) On final call 2 (1st April, 2009) X, to whom 500 shares were allotted paid the full amount on application and Y whom 100 shares were allotted paid the final call money on allotment. Pass journa entries. Illustration 7 A Ltd. Company issued 10,000 shares of 10 each. Payment on these shares i be made in the following manner: On application 4 (1st January, 2009) On allotment 4 (1st March, 2009) On final call 2 (1st April, 2009) X, to whom 500 shares were allotted paid the full amount on application and Y whom 100 shares were allotted paid the final call money on allotment. Pass journa entries.