ABC Ltd was registered as a corporation on 1 July 2023. On 4 July 2023, ABC Ltd issued a prospectus offering 104005 ordinary shares at an issue price of $10 each, payable 8% on application and the balance on allotment.

Application closed on 1 August 2023 with the company having received applications for 127611 shares. The shares were allotted on 15 August 2023, with the over-subscription amount being refunded to unsuccessful applicants. All allotment monies were received by 31August 2023.

After application, and prior to allotment, the balance in the Application account would be: