Zaza Bhd with an authorised capital of 50,000,000 ordinary shares of RM 1.40 each offered for issue to the public 30,000,000 ordinary shares of RM 1.40 on the following terms:

On Application 30 sen

On Allotment 30 Sen

On 1st Call 40 Sen

On 2nd and Final Call 40 Sen

Application were received for 50,000,000 ordinary shares and the directors resolved that the shares be allotted on a pro rata basis of 3 shares for every 5 shares applied for. Any surplus application monies were transferred to allotment account to reduce the money due on allotment. All monies were duly collected when due except for a shareholder with 1,000,000 shares who paid the 2nd and final call money at the same time as the 1st call and another shareholder with 5,000,000 shares who failed to pay the 2nd and final call money.

You are required to show journal and ledger entries to record the above transaction and balance sheet extract of the company after the 1st call. (35 Marks)