GALSTON LTD. Data Section extract Trial Bal 30/9/18 Share capital (700 000 fully pai 700 000 General Reserve 240 000 Retained earnings 117 800 Profit Oct. 2018 - March 201 120 000 Ordinary shares issued on 10 October: No of applications that were offered No of applications that were received Oversubscribed (application money refunde NB; One applicant paid in full on: GALSTON LTD Statement of Changes in Equity for 6 months ended 31 March 2019 Share capital Share capital at 1 October 2018 Issue of 400 000 shares @ $1 400,000 Share issue costs 424,000 Calls in arrears on 7 000 shares @ 25c 24, 000 Ordinary share capital at 31 March 2019 4,000 Payment terms : Payable on application Payable on allotment Payable on call Issue share's price $ $ $ $ Retained Earnings Retained earnings at 1 October 2018 0.50 Profit for the period 0.25 Retained earnings at 31 March 2019 0.25 Other Reserves 1.00 General reserve at 1/10/18 General reserve at 1/3/19 8,000 1, 750 Underwriter fee $ Call in arrears 7,000 $ Answer Section Journal entries (in general journal format) General Journal Galston Ltd. 30 Nov. Cash Trust Application Cash received on application (-50c per share on 420 000 ordinary shares + $1 on 4 000 shares) 30 Nov. Application Allotment Share Capital Allotment of 400 000 shares 30 Nov. Cash at Bank Application (refunds) Cash Trust Transfer of cash 30 Nov. Application Allotment Calls in Advance Trf excess application money 15-Dec Cash at Bank Allotment Received allotment money due on 396 000 shares 30-Nov Share Capital/Issue Costs Cash at Bank Paid underwriter fees 28-Feb Call Share Capital Call of .25c per share on 400 000 shares 28-Feb Calls in Advance calls Trf calls previously paid 31-Mar Cash at Bank Call Call received on 389 000 shares