Victorious Ltd is a new company registered on 15 December 2020. On 10 January 2021, Victorious Ltd issued a prospectus, offering 1,000,000

ordinary shares at an issue price of $6.00 per share, with $3.00 payable on application, $2.00 being payable within one month of allotment, and $1.00

due on a call to be made by the directors at a later date.

By 10 February 2021, the company had received applications for 1,100,000 ordinary shares. On 15 February 2021, the ordinary shares were allotted to applicants on a pro-rata basis, and the excess application money was retained and credited against the amount due on allotment. All allotment money was received by 15 March 2021.

The directors made the call on the ordinary shares on 16 May 2021, with amounts due by 16 June 2021. By this date, amounts due on 950,000 ordinary shares had been received. On 22 June 2021, the shares on which call money had not been received were forfeited and sold as fully paid. An amount of 55.70 was received for each share sold. Costs of the forfeiture and reissue amounted to $7,600 and were paid on 28 June 2021. The constitution states that any balance in the forfeited shares account, after deducting any associated costs and discounts, would be refunded to the former shareholders. The refund was then made on 30 June 2021.

Prepare the journal entries to record the transactions of Victorious Ltd up to and including that which took place on 28 June 2021. Show all relevant dates and narrations