SSAL Ltd issued 100,000 ordinary shares of UGX 1000 at a premium of UGX800. The company received a surprised when they received the exact number of shares required It is the companys policy to receive on each share in installments. On May, 31 2021 all monies on all shares were received. The payments were as follows:

UGX

Application. 1,200 (Including Premium)

Allotment. 400

1^st and Final Call. 200

Total 1800

On the week you reported for internship you were informed that no entries have been effected in relation to the above transactions. The General manager is confident that you are the right person to do this assignment.

Required

As an expert prepare the statements below for this purpose:

1. Journal Entries. (7 marks)
2. Ledger Entries. (12 marks)

Balance Sheet