ABC Ltd issued $700000$ ordinary shares of $$1$ each at a premium of $80$ cents. The terms of issue

were that $45$ cents on application and $$1\mathrm{.}10$ on allotment including the premium and the balance

was payable on the first and final called. Application was received for $850000$ shares. The

directors allotted $700000$ shares to successful applicants and returned application money to the

unsuccessful applicants. The money due on the first and final call was received from allottees of

$697000$ shares; the remaining shares were forfeited and later reissued to another application as

fully paid on payment of $$1\mathrm{.}20$ per share.

Required:

A$.$ Prepare the following ledger accounts:

i$.$ Ordinary Share Capital $(3$ marks$)$

ii$.$ Application & Allotment $(10$ marks$)$

iii. Share Premium $(3$ marks$)$

iv$.$ First and Final call $(3$ marks$)$

v$.$ Investments: own shares