039 Illustration 3 Libra Ltd. came up with an issue of 20,00.000 equity shares of 10 each at par. 5,00,000 shares were issued to the promoters and the balance offered to the public was underwritten by three underwriters Anand, Vijay and Ashok - equally with firm underwriting of 50,000 shares each. Subscriptions totalled 12.97,000 shares including the marked forms which were : Anand 4,25,000 shares Vijay 4,50,000 shares Ashok 3,50,000 shares The underwriters had applied for the number of shares covered by firm underwriting. The amounts payable on application and allotment were ? 2.50 and 2.00 respectively. The agreed commission was 5%. Pass summary journal entries for - (a) The allotment of shares to the underwriters; (b) The commission due to each of them; and (c) The net cash paid and or received. Note: Unmarked applications are to be credited to underwriters equally. Benefit of firm underwriting is given to individual underwriter