Reference no: EM132580144

Newbies Ltd was incorporated on 1 July 2019. On 1 August, it was decided to issue 300 000 ordinary shares on the following terms. Application $ 2 per share Allotment $ 1 per share Call as required $ 1 per share To the end of August, applications for 350 000 shares had been received together with the application money due on each share. On 15 September, the directors proceeded to allot 300 000 shares on the following basis. Applicants for 30 000 shares were refunded their application money in full and the other successful applicants were allotted the remaining shares, excess application money being transferred to allotment. On 7 October, all allotment money had been received. A first and final call was made on 1 November, and all call money was received by 30 November with the exception of the amount due on 6000 shares.

Required:

Question 1: Prepare ledger accounts to record the above transactions.