Easy Heart Ltd has an authorised capital of £800,000 comprising ordinary shares of £1 each. The shares were issued at par, payments being made as follows:

Applications were received for 1.08 million shares. It was decided to refund application monies on 80,000 shares and to allot the shares on the basis of four for every five applied for. The £40,000 excess application monies sent by the applicants whose applications were successful are not to be refunded but are to be held and so reduce the amount payable on allotment.
The calls were made and paid in full with the exception of two members holding a combined total of 5,000 shares who paid neither the first nor the second call and another member who did not pay the second call on 2,000 shares. The shares were forfeited and reissued to H Vipond at a price of 80p per share.
You are to draft the ledger accounts to record the transactions.

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Payable on application Payable on allotment First call Second call Per share 20p 28p 27p 25p