Question 3 Real Deal Ltd. has an authorized share capital of 50 000 ordinary shares of $10 per share which 30 000 have been issued at par and are fully paid. Real Deal Ltd. decided to issue the other 20 000 shares at a price of $12 per share payable as follows: 2/11/12 On application (including premium) $5 per share 12/11/12 On allotment $2 per share 30/11/12 First and Final Call $5 per share Applications were received for 22 000 shares. Of these 2 000 were rejected and the money returned to the applicants. All the allotment money was received but the holder of 1 000 shares did not meet the final call and so forfeited his shares in accordance with the Articles of the company. These shares were subsequently reissued as fully paid shares at $8 per share. Required: A. You are required to prepare the following accounts in relation to the above: i. Application and Allotment Account ii. Call Account iii. Ordinary Share Capital Account iv. Investment: Own Shares Account v. Share Premium Account vi. Bank Account (24 marks) B. State the MAIN difference between a private and a public limited company (1 mark) (Total 25 marks)