07 Feb Cooper Ltd. was incorporated on 1 January 2012. O
Cooper Ltd. was incorporated on 1 January 2012. On 5 January 2012, a prospectus was issued, inviting applicants for 100,000 ordinary shares at an issue price of $2 each. On 10 January 2012, a prospectus was issued inviting applicants for 200,000preference shares at an issue price of $1.00 each. The ordinary shares were payable $1.25 on application plus an instalment of 75c. The preference shares were payable 50c on application plus an instalment of 50c. The prospectus stated that, in the event of an oversubscription, shares would be allotted on a pro-rata basis and any excess application money would be refunded. By closing date of 31 January 2012, applications for 120,000 ordinary shares and 175,000preference shares, were received. Only application money was sent in with all applications. At a director’s meeting on 3 February 2012, the Directors decided that the applicants for ordinary shares would be allotted five shares for every six for which they applied. All thepreference share applications were accepted. On 1 May 2012, the directors made the call for the payment of the instalment money of 75c per ordinary share and 50c per preference share. All outstanding monies were received by 30 May 20127, with the exception of the holder of 400 ordinary shares. Required: Prepare, in General Journal format, entries to record the above transactions relating to the share issue (Note: narrations are not required).
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