Call.

QUESTION $2$

Hello Bros. Bhd offered for sale to the public $40$ million shares at RM$4/$share as per terms below:

$\backslash$table$[[$On application,RM$1\mathrm{.}80],[$On allotment,RM$1\mathrm{.}20],[$On First call,RM$0\mathrm{.}60],[$On Final call,RM$0\mathrm{.}40]]$

Applications received for $60$ million shares and directors decided shares to be allocated on a pro$-$rata basis of every $4$ shares for every $6$ shares applied.

Surplus application monies were transferred to the allotment account to reduce monies due on allotment, any surplus from that would be used in the call accounts.

All monies were duly collected except for a shareholder with $6$ million shares did not pay on $1^{st}$ call but subsequently paid the amount due and the $2^{nd}$ call money when the call was made.

You are required to

c$.$ Prepare journal and ledger entries for the above transactions

d$.$ Prepare the extract of the statement of Financial Position after Application and First Call.

End of Question.