Acompany made a public issue of 1,25,000 equity shares of 100 each, 50 payable on application. The entire issue was underwritten by four parties: A, B, C, and D in the proportion of 30% and 25%, 25% and 20% respectively. Under the terms agreed upon, a commission of 2% was payable on the amounts underwritten. A, B, C, and D also agreed on 'firm'; underwriting of 4,000, 6,000, Nil and 15,000 shares respectively. The total subscriptions, excluding firm underwriting, including marked applications were for 90,000 shares. Marked applications received were as under : A 24,000 C 12,000 B 20,000 D 24,000 Ascertain the liability of the individual underwriters and also show the journal entries that you would make in the books of the company. All workings should form part of your answer.