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Prepare journal entries to record the transactions

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Question - On 1 Jan 2017, Pine Ltd issued a prospectus inviting applications for 400 000 ordinary shares, at an issue price of $8, payable $5 on application, $3 on allotment, and $3 on future call(s), dates to be determined by the directors. By 30 April, applications were received for 390 000 shares. The directors allotted 390 000 shares. Share issue costs of $1500 were also paid on the same date. All of the allotment money was received by 1 June. Prepare journal entries to record the above transactions.

Reference no: EM133061684

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