AASCB Ltd was incorporated on the 1^stJuly 20X1.On that date the company issued a prospectus to the public offering 30,000 ordinary shares at an issue price of $10.00 per share, payable as follows:

$4.00 on application which closes on 31^stAugust 20X1

$3.00 on allotment

$3.00 on calls at the company's discretion.

Applications were received for exactly 30,000 shares on the required date as follows:

Applicants for 20,000 shares paid for their shares in full (ie $10.00 per share)

The remaining applicants paid only the amount required for application.

The shares were allotted on the 1^stSeptember 20X1.Those applicants who paid for their shares in full had their excess money held over for the allotment and future calls.

All allotment monies were received on 30^thSeptember 20X1.

On the 1^stJanuary 20X2 the company made a first call of $1.50 per share.All shareholders paid their calls by 31^stJanuary 20X2.

Required

Prepare the general journal entries in the records of AASCB Ltd to record allthe

events described above.

Thank u