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(B) A Ltd. is registered with Authorized Capital of $500,000 divided into 10,000 Shares of $ 50 each. On 1st December 2019, Company issued 7,000

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(B) A Ltd. is registered with Authorized Capital of $500,000 divided into 10,000 Shares of $ 50 each. On 1st December 2019, Company issued 7,000 Shares as per following manner: i. 1,000 Shares to Promoters against Preliminary Expenses ii. 2,000 Shares to Directors for cash iii. 4,000 Shares to General Public On 15th December 2019, Company received applications for 6,000 Shares. Shares were not allotted to applicants of 2,000 Shares and their application was refunded. Requirement: Pass Journal Entries and show impact on Balance Sheet

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