Addo Ltd was formed on 1st January 2019 with 200,000 equity shares of no par value. The directors offered 100,000 shares for sale to the public under the following terms:

February GH1.50 payable on application

March GH0.75 payable on allotment

April GH0.25 payable on call

Applications were received for 180,000 shares and the directors made the issues as follows:

Applications for the first 40,000 shares were allotted in full;

Next applicants for the 60,000 shares received two-thirds of application;

Next 20,000 shares applicants had 60% of application;

Next 20,000 shares applicants were allotted 40% of application;

The remaining applications were rejected All monies were duly received.

Overpayments and payments by unsuccessful applications were duly dealt with (i.e. excess application monies were refunded to unsuccessful applicants or set off against allotment for partially successful applicants.

Required:

a)Prepare a statement showing over/underpayment;

b)Prepare ledger entries to give effect to the above transaction; and

c)Prepare the relevant statement of financial position extract.