A Limited issued 20,000 Equity shares of ₹10 each at a premium of 10%, payable 2 on application; 4 on allotment (including premium); ₹ 2 on first call and balance on the final call. All the shares were fully subscribed. Mr. M who held 2000 shares paid full remaining amount on first call itself. The final call which was made after 4 months from the first call was fully paid except a shareholder having 200 shares and one another shareholder having 100 shares. They paid their due amount after 3 months and 4 months respectively along with interest on calls in arrears, Company also paid interest on calls in advance to Mr. M. The Company maintains Calls in Arrear and Calls in Advance A/c.
Give journal entries to record these transactions. Show workings of Interest calculation. (Ignore dates).
[June 2022, 15 Marks]; [MTP Jan, 2025; Modified; Figures-10X]