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Prepare the journal entries to record the transactions

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Question - LMS Ltd was incorporated on 1 January 2020. The following transactions and events occurred since incorporation: 1 Feb 2020 LMS Ltd makes an offer to the public for investors to subscribe for 2,000,000 shares, at an issue price of $4.00 per share, with $2.50 payable on application and $1.50 payable on allotment. 28 Feb 2020 Applications close, with applications received for 2,200,000 shares 10 Mar 2020 Shares are allotted to applicants on a pro-rata basis, and any excess application money is transferred to allotment.

Required - Prepare the journal entries to record the transactions of LMS Ltd on 10 March 2020. Narrations are not required.

Reference no: EM132632902

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