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Newcastle Ltd issued a prospectus inviting the public to subscribe for 10 million shares of $4.00 each. The terms of the issue were that $1.00 is to be paid on application and the remaining $3.00 within one month of allotment. Applications were received for 12 million shares during July 2020. The directors allotted 10 million shares on 5 August 2020. All applicants received shares on a pro-rata basis. The amounts payable on allotment were due by 5 September 2020. By 5 September 2020, the holders of 2 million shares failed to pay the amount due on allotment. The directors forfeited the shares on 10 September 2020. The shares were resold on 15 September 2020 as fully paid. An amount of $3.50 per share was received. The costs of conducting the resale amounted to $10,000. Required:
Problem 1: Provide the journal entries necessary to account for the above transactions and events
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