Illustration 3 039 of shares were issued to the promoters and the balance offered to the public was underwritten by three underwriters Anand, Vijay and Ashok - equally with firm underwriting of 50,000 shares each. Subscriptions totalled 12.97,000 shares including the marked forms which were : Anand 4,25,000 shares Vijay 4,50.000 shares Ashok 3.50.000 shares The underwriters had applied for the number of shares covered by firm underwriting. The amounts payable on application and allotment were ? 2.50 and 2.00 respectively. The agreed commission was 5%. Pass summary journal entries for -- (a) The allotment of shares to the underwriters; (b) The commission due to each of them; and (c) The net cash paid and or received. Note: Unmarked applications are to be credited to underwriters equally. Benefit of firm underwriting is given to individual underwriter