Companies usually used to issue the shares payable by installments. These installments were Application, Allotment, First Call, Second Call and Final Call. If there was only one call, it will not be named as the First Call. The word first, second and final were only used when there was more than one call.
When shares are issued payable by installments, the amount due for each installment may be debited to shareholders account, but by doing so no distinction will be made between the various installments. Therefore a separate account is opened for each installment, when it becomes due, e.g. Application, Allotment, First Call, Second Call and Final Call.
Note that these accounts replace the shareholder’s accounts. The amount payable on application on each share shall be the full nominal amount of the shares, therefore; accounting entries for the issuance of shares, when payable by installments have not been explained.