year:

Feb. $1$

Mar. $15$

Mar. $1850000$ ordinary shares were allotted to the original members. The shares were paid for in full at a price of $$1$ each.

A prospectus was issued for $10000010\%$ preference shares and $150000$ ordinary shares, payable in full on application. The issue prices of the preference shares and ordinary shares respectively were $$2$ and $$1.$

Applications were received for $100000$ preference shares and $220000$ ordinary shares.

The directors allotted the shares in terms of the prospectus, excess monies being returned to unsuccessful applicants.

Required

A$.$ Prepare entries in general journal form to record the transactions.

B$.$ Show the equity section of the balance sheet as at $18$ March $2016.$