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Question 3: (12 marks) a) Describe the purpose of each of the ledger accounts: Allotment and Call that are used to record the issue of shares. (2 marks) b) On 1 July 2019, Beadrock Ltd was registered and, through a public issue on 31 August 2019 the share capital was as follows; 50,000 ordinary shares, and 75,000 preference shares, the issue price of the shares is as follows: $5 each for the preference shares paid to $2.00 on application. $4 each for the ordinary shares paid to $2.00 on application. On 31 August, a further call of $2.00 on ordinary shares and $3.00 on preference shares was made and were duly received by 30 September 2019, except those on 2,000 ordinary shares which were forfeited as at 30 September 2019. At a director's meeting on 30 October 2019, it was decided to bring the capital back to the original amount issued, therefore, the forfeited shares were were sold at a price of $3.50 per share paid to $4.00 and the transfer was completed on 31 December 2019. According to the company's constitution, shareholders' equity in forfeited shares must be refunded to them. On 31 December 2019, the previous owner of forfeited shares received a refund cheque for the amount due, less selling costs of $1 ,250. Required: Prepare the journal entries to record the transactions of Makeamillion Ltd from when the call was made on 13 August until 28 October 2019 (Show all workings and dates, narrations are not required). (10 marks) Paragraph write bit $ ount$ Write y our he Na :lCdit Am