Q1) An issue of 50 000 shares at $3 required $2.20 per share to be paid at the time of application. On allotment, another $0.30 was due and a further $0.50 to be called when determined by the board of directors. The application money in respect of the 50 000 shares was received on 8 July. On 26 July, the shares were issued with the amount due on allotment received on 15 August. The remaining $0.50 was called up on 20 September and received on 10 October. Write the journal entry on 20 September.

Q2) As of 30 June 2019, Carbae Ltd had a share capital of $200,000 consisting of 400,000 ordinary shares issued at $0.50 each. On 30 June 2019, the management of Carbae Ltd decided to make a share buyback of 100,000 shares. Carbae Ltd buys back the shares for a price of $0.75 per share. Write the journal entry to record Carbae Ltd's share buyback