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Please prepare journal entry for the above question and ledger accounts Iron limited has an authorised share capital of 1,500,000 ordinary shares of 1$ each,

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Please prepare journal entry for the above question and ledger accounts

Iron limited has an authorised share capital of 1,500,000 ordinary shares of 1$ each, the issued capital as at 31 st march 2019 was 500,000$ which was fully paid and had been issued at per. On 1 st April 2019, the director decided to increase the share capital by offering 500,000 share at a price of 1$60 cent payable as follows: a. On application - 25 cent per share b. On Allotment - 85 cent per share(including premium) c. On first and final call - 50 cent per share On 18th April 2019, Application has been recorded for 750 share and it was decided to allot shares to applicant for 625,000 shares on the basis of 4 shares for every 5 shares applied. The balance of the money received on application was to be applied to the amount due on Allotment, the unsuccessful applicant were repaid their cash, all money were received as at when due. Required: Write up the journal entries necessary to record this transactions

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