(a) Arpit Ltd., with an authorized capital of ₹ 20,00,000 divided into Equity shares of ₹ 10 each, on 1st June, 2023, invited applications for issuing 3,00,000 Equity shares at a premium of ₹ 5 per share. The amount was payable as follows: On Application: ₹2 per share On Allotment (1st July, 2023): ₹7 (including premium) per share On First call (1st Nov, 2023): ₹3 per share On Final call (1st Jan, 2024): ₹3 per share All the shares were applied for and allotted. Mr. Naresh who held 20,000 shares paid the whole of the amount due on calls along with allotment money. The final call was fully paid except a shareholder having 5,000 shares who paid his due amount on 1st March, 2024 i.e. after 2 months along with interest on calls in arrears @ 10% p.a. Company also paid interest @ 12% p.a. on calls in advance to Mr. Naresh on 1st Jan., 2024. Give journal entries with narrations to record all these transactions in the books of Arpit Ltd. PS*: Please read authorized capital ₹ 20,00,000 as authorized capital 20,00,000

(b) What are the advantages of Double Entry System?