Calculate Ltd was incorporated on 31 January 2020 with an authorised share capital as

follows:

950 000 ordinary shares (Class A)

440 000 10% preference shares (Class B)

The following information in respect of shares is provided for the period ended 31 May 2020:

Date - 2020 Details

1 February A motion was passed by the incorporators to take up the following:

200 000 Ordinary shares at R1 each; and

40 000 10% Preference shares at R10 each.

10 February Incorporators paid in all monies due for the shares taken on 1 February 2020.

1 March An underwriters agreement was concluded to offer the following;

350 000 Ordinary shares at R1 each; and

45 000 10% Preference shares at R10 each.

Underwriters commission was agreed at 7%. The underwriters account must be settled on 15 May 2020

30 April Applications for shares on the final date for applications were received as follows;

285 000 Ordinary shares at R1 each; and

38 000 10% Preference shares at R10 each

15 May Allotment of shares to all applicants and to the underwriter was completed.

15 May The underwriters account was settled as required by the underwriters agreement.

31 May Share issue costs of R17 500 were paid

Required:

Record the above transactions in the general journal of Calculate Ltd for the period ended 31

May 2020. Record dates and include a brief narration for each journal entry. Show all

workings.