Larry Ltd was registered as a new company on 3 January 2020 and issued a prospectus inviting applications for 600,000 shares at $6 each $3 was payable on application, a further $2 was payable on allotment and the final $1 was payable on a call to be made on 15 August 2020 Applications closed on 16 February 2020 and a total application for 625,000 shares were received This includes one applicant who paid for 30,000 shares in full The directors allotted the shares on 28 February 2020 as follows the applicant for 30,000 shares, who paid in full, was allotted 30,000 shares, applications for 25,000 shares were rejected and the application money was refunded, and the remaining applicants were allotted based on their applications On 26 March 2020 all allotment monies due were paid and another shareholder of 23,000 shares also paid the remaining $1 per share Share issue costs of $2500 were paid on 14 April 2020 The call was made as scheduled and all money was received except for one shareholder of 3000 shares that did not pay by the 30 September 2020 Prepare all the necessary journal entries to account for the issue of the shares and all transactions up to 30 September 2020 (Note Narrations explanations are NOT required )

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Larry Ltd was registered as a new company on 3 January 2020 and issued a prospectus inviting applications for 600,000 shares at $6 each. $3

Larry Ltd was registered as a new company on 3 January 2020 and issued a prospectus inviting applications for 600,000 shares at $6 each. $3 was payable on application, a further $2 was payable on allotment and the final $1 was payable on a call to be made on 15 August 2020.

Applications closed on 16 February 2020 and a total application for 625,000 shares were received. This includes one applicant who paid for 30,000 shares in full.

The directors allotted the shares on 28 February 2020 as follows:

the applicant for 30,000 shares, who paid in full, was allotted 30,000 shares,

applications for 25,000 shares were rejected and the application money was refunded,

and the remaining applicants were allotted based on their applications.

On 26 March 2020 all allotment monies due were paid and another shareholder of 23,000 shares also paid the remaining $1 per share. Share issue costs of $2500 were paid on 14 April 2020.

The call was made as scheduled and all money was received except for one shareholder of 3000 shares that did not pay by the 30 September 2020.

Prepare all the necessary journal entries to account for the issue of the shares and all transactions up to 30 September 2020. (Note: Narrations / explanations are NOT required.)