On 1 January 2025 Rippon Ltd was incorporated. The company issued a prospectus offering on 1 January 2025 for 500 000 ordinary shares at an issue price of $40, payable on the following terms.

• $12 on application

• $12 on allotment

• $8 on first call

• $8 on second call A summary of the applications and allotments register follows.

Shares were allotted to all applicants on 1 March 2025. All money received in excess of amounts due on application was applied to amounts due on allotment and calls. Where appropriate, refunds of application money were made. All allotment money was received by 31 March 2025.
Rippon Ltd’s directors made a call of 42c per share on 1 May 2025, payable by 31 May 2025. By 30 June, call money had not been received from holders of 80 000 shares.
Required

(a) Prepare general journal entries to record the above events.

(b) Prepare the ledger accounts (running balance format) for the period 1 January to 30 June 2025.

(c) Prepare the statement of changes in equity for the period ending 30 June 2025.

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Amount paid per share on application Number of shares applied for Number of shares allotted $ 12 $ 24 $ 40 375 000 215 000 190 000 190 000 95 000 95 000