Pilot Ltd company has a nominal share capital of £200,000 comprising 200,000 ordinary shares of £1 each. The whole of the capital was issued at par on the following terms:

Applications were received for 250,000 shares and it was decided to allot the shares on the basis of four for every five for which applications had been made. The balance of application monies was applied to the allotment, no cash being refunded. The balance of allotment monies was paid by the members.

The calls were made and paid in full by the members, with the exception of one who failed to pay the first and second calls on the 1,000 shares allotted to him. A resolution was passed by the directors to forfeit the shares. The forfeited shares were later issued to F Bell at £80p each. Show the ledger accounts recording all the above transactions, and the relevant extracts from a balance sheet after all the transactions had been completed.

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Payable on application Payable on allotment First call Second call Per share 15p 20p 30p 35p