Q4: MY Company Ltd was registered with capital of $ 5,000,000 divided into ordinary shares of $ 10 each. The company offered to the public 15,000 shares payable in full on application. The Bank informs that 20,000 shares applications were received. The company allotted the offered shares and refunded the amount received in excess.

During the year the company completed the following transactions:

1. Issued further 5,000 shares at $ 18 each for cash
2. Issued 7,000 shares to the promoters at par
3. Purchased computers for $ 40,000 and issued 3,000 shares
4. Purchased a piece of land and issued 50,000 shares at $ 15 each

Question:

Required Pass journal entries for MY Company Ltd and Prepare Balance Sheet of MY Company Ltd