On 1 March 2020, JK Limited was incorporated with an authorised share capital of 350 000 ordinary shares and 200 000, 5% preference shares. 50 000 ordinary shares at R2.50 each and 40 000, 5% preference shares at R3.70 each were offered to the public. By 1 May 2020, applications for 55 000 ordinary shares and 40 000, 5% preference shares had been received. The shares were allotted on the 5th of May 2020 and all surplus application money was returned to unsuccessful applicants.

Journalise all the share transactions. Narrations are not required.