Reference no: EM132569117

Question - AASCB Ltd was incorporated on the 1st July 20X1. On that date the company issued a prospectus to the public offering 30,000 ordinary shares at an issue price of $10.00 per share, payable as follows:

$4.00 on application which closes on 31st August 20X1

$3.00 on allotment

$3.00 on calls at the company's discretion.

Applications were received for exactly 30,000 shares on the required date as follows:

Applicants for 20,000 shares paid for their shares in full (ie $10.00 per share)

The remaining applicants paid only the amount required for application.

The shares were allotted on the 1st September 20X1. Those applicants who paid for their shares in full had their excess money held over for the allotment and future calls.

All allotment monies were received on 30th September 20X1.

On the 1st January 20X2 the company made a first call of $1.50 per share. All shareholders paid their calls by 31st January 20X2.

Required - Prepare the general journal entries in the records of AASCB Ltd to record all the events described above.