Hawk Moth Limited (HML) was registered with the capital of Rs.5,000,000 divided into ordinary shares of Rs.10 each. HML offered to public 15,000 shares payable in full on application. Rose Lavillant Bank informs that 20,000 shares applications were received. HML allotted the required shares and refunded the excess. During the year ended 31 December 2019, company completed the following transactions; Issued 5,000 shares @ Rs. 18 each for cash. Issued 7,000 shares to the promoters at par. Purchased computers for Rs.40,000 and issued 3,000 shares against it. Purchased a piece of land and issued 50,000 shares at Rs.15 each Paid preliminary expenses of Rs.20,000 Fasquired: (i) Pass necessary journal entries for the above transactions in the books of HML. (narrations required) (ii) Prepare statement of share capital of HML after the above transactions. (iii) Let suppose if requisite numbers of shares had not been subscribed by the public, what course of action would be available to HML for raising required finance?