Ashwani Supplies Ltd is registered with an authorized share capital of $800 000 consisting of 400 000 $2 ordinary shares, decided on 1^st January 2020 to issue 300 000 shares to the public at the following terms:

The terms of share issue were as follows:

$0.80 per share payable on the application including share premium.

$0.60 per share is payable on an allotment.

two calls of $0.30 each per share payable at the decision of the directors.

By 14^th February, application money had been received for 330 000 shares of which 18 000 shares were paid in full

On 3^rd March, the directors decided to allot the shares as follows:

vall fully paid shares were allotted.

vrefund 7 000 applicants to unsuccessful applicants.

vapply excess application to an allotment.

By 5^th April, all allotment monies were received. On 1^st May, the directors made the first call. All call money due was received by 28^th May. On 2^nd June final call was made and by 25^th June all c the final money was received except for 4 000 shares.

Required:

Prepare the general journal entries necessary to record the above transactions.

(28 marks)