PLZ PLZ HELP

After being registered on 1 April 2020, the directors of the BXB Ltd approved a prospectus for the issue of 900,000 ordinary shares with an issue price of $5 each, payable $2.00 on application and $1.60 on allotment, the balance would be payable as required by the company.

By the closing date, 10 June 2020, for applications, the company had received a total of one million applications for the issue of its ordinary shares. In a meeting on 12 June 2020, the directors of the company decided that the ordinary shares would be issued as per the prospectus and any excess application monies would be applied first to allotment then to any future calls, with any excess remaining thereafter refunded to the unsuccessful applicants.

The cost of issuing ordinary shares amounted to $80,000. These costs were paid on 14 June 2020. All allotment monies on the ordinary shares were received by 30 September 2020.

Calls for $1.40 per ordinary share were made on 1 December 2020 and all the monies were received by 30 December 2020 except for the monies due on 180,000 ordinary shares.

After a meeting on 2 January 2021 the directors resolved to forfeit these shares.

The shares are not to be reissued at this stage. According to the companys constitution, monies in respect of forfeited shares must be refunded back to the original shareholders.

Required:

Prepare general journal entries with narrations, to record the above transactions. Clearly detail the appropriate date for each journal entry. Show all workings.