Bega Ltd was registered as a new company on 2 January 2025. On that day a prospectus was issued inviting applications for 300 000 ordinary shares at \($10,\) payable \($2.50\) on application, \($2.50\) on allotment and the balance due in one call on 15 June 2025. The issue was underwritten for a fee of \($7000\).

On 31 January, applications closed with the issue undersubscribed by 15 000 shares. Directors proceeded to allot the shares. Amounts due on allotment were received on 9 February, including the amount due from the underwriter less the underwriter’s commission.

On 15 June, the amounts due on the call were received with the exception of the amount due on 12 000 shares.

Required

(a) Prepare journal entries (in general journal form) and ledger accounts (in T-account format) to record the above transactions.