MMF Berhad offered for sales to the public 30,000,000 ordinary shares at RM2 per share on the following terms:

On application 80 sen

On allotment 40 sen

On 1^st call 40 sen

On 2^nd and final call 40 sen

Applications were received for 40,000,000 ordinary shares and the directors resolved that the shares be allotted on a pro-rata basis of three shares for every four shares applied for. Any surplus application monies were transferred to allotment account to reduce the money due on allotment. All monies were duly collected when due except for a shareholder with 3,000,000 shares who did not pay up on the first call but subsequently paid the amount due and the second call money when the second call was made.

Required

(a) Prepare journal entries and the ledger accounts to record the above transaction.

(b) Extract the Statement of financial position of the company after the

(i) First call and

(ii) Second and final call