July 1- The company decided that 1,500,000 ordinary shares were to be offered to the public at an issue price of $3, payable as follows:50 on…

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July 1-The company decided that 1,500,000 ordinary shares were to be offered to the public at an issue price of $3, payable as follows:

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$1.50 on application (due 1 August) $0.50 on allotment (due 30 August) $1 on future calls

Applications had been received for 1,750,000 shares of which applicants for 300,000 shares forwarded the full $3 per share, the remainder paying only the application money.

August 5- At the directors’ meeting it was decided to allot ordinary shares in full to the applicants who paid the full amount and proportionally to all remaining applicants. According to the company’s constitution, all surplus money from application can be transferred to Allotment and Call accounts.

August 30- All outstanding allotment money was received.

November 1 -The final call on was made, with payment due by 28 November.

November 28 All money was received on the due date except for the holders of 60,000 shares

who failed to meet the call.

  • Prepare the general journal entries to record the above independent scenarios.
  • Narrations to general journal entries must be provided.

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