Goodluck Lid, issued 50,000 shares of 2 10 each at a Premium o

24 per share payable as :

On Application & 2 per share

On Allotment ? 6 per Share (including Premium 2 3)

On first and final Call ? 6 per share (including Premium & 1)

Over payment on applications were to be applied towards sums due on allotment

only. Applications were received for 75.000 shares. Applicants for 15.000 shares

were sent letters of regret and money returned to them in full. Applicants for

15,000 shares were allotted only 5,000 shares. All money due on Allotuent and

call was duly received.

Make journal entries