hapa shareholders. Is this statement correct? 2. Marks B. On the 1st July, 2019 Armidale Ltd has Shareholders Funds worth $2,010,000 comprising of $1,800,000 Share capital of Retained Earnings 150,000 General Reserve 60,000 The following transaction took place: 1 Aug issued a prospectus calling for application for 600000 ordinary shares to be issued at a price of $3, payable $2 on application, 50c on allotment and the balance as and when required. shat Applications closed with the issue oversubscribed and 700000 shares applied for. The directors allotted shares on the basis of 6 shares for every 7 applied for. Excess application money was applied against amounts owing on allotment. Oct Balance of allotment monies received. Nov The directors made a final cal of 50d on the shares. 18 Dec All call money was received except for one shareholder who held 5000 shares 15 June A profit of $565000 was recorded tors dediared a final dividend of $95000 and transferred $50000 to General Uttam Thapa application money was applied against amounts owing on allotment Oct Balance of allotment monies received 15. Nov The directors made a final call of 50c on the shares. 18 Dec All call money was received except for one shareholder who held 5000 shares. 15 June A profit of $565000 was recorded. 30 The directors declared a final dividend of $95000 and transferred $50000 to General Reserve. Required: 1. Prepare journal entries to record the above transactions in the general journal. (Narrations not required) 15 Marks 2. Complete the Shareholders Fund section of the Balance Sheet at 30th June 2020. 4 Marks Part A theory question can be completed in the first space below. To complete Part B. please download the Journal template (see below), and upload the completed template in the space at the very bottom of your screen where it says "You can drag and drop files here to add them". Journal template B