The following information relates to White Rabbit Trading plc:

On 1 February 20X7 the company closed the list of applications for 400,000 ordinary shares at a premium of 50p. The shares were to be paid for as follows: 60p on application, 25p on allotment and 15p on the first and final call, which was to be made on 1 May 20X7. A total of £1,320,000 was received, the shares were allotted and £1,032,000 was returned to unsuccessful applicants. The call money was received by 31 May from all shareholders, with the exception of two shareholders, one of whom had been allotted 500 shares. The other subscriber for 100 shares still owed £25 for allotment in addition to the call money. Eventually both lots of shares were forfeited and reissued to an existing shareholder for a payment of £500 which was duly received.

At a board meeting on 15 February 20X7 the directors decided to make a fresh issue of 500,000 £1 redeemable shares at a premium of 60p, and to redeem all of the existing redeemable shares at a premium of 40p. The shares had originally been issued for £1.20 each. All moneys due on application were duly received by 31 March 20X7, and the redemption took place on 6 April 20X7.

In January 20X5 White Rabbit Trading plc had purchased, for cash, 80,000 25p ordinary shares in March Hares Ltd for £25,000, and this is included in investments on the balance sheet at 31 January 20X7. On 1 April 20X7 the company purchased 400,000 out of a total issue of 500,000 25p ordinary shares in March Hares Ltd, by exchanging 200,000 of its own ordinary shares.

The 8 per cent debentures were redeemed on 15 May 20X7 at a 10 per cent premium, and on the same date £500,000 7 per cent debentures (20X0/20X3) were issued at a discount of 5 per cent.

Required:

Show the full journal entries to record the above events, including cash/bank transactions, in the books of White Rabbit Trading plc.

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Fixed assets Investments Net current assets Summarised Balance Sheet as at 31 January 20X7 Financed by: Capital and reserves Ordinary shares of 50p each fully paid Redeemable shares of £1 each (20X7/20X1) Share premium Revaluation surplus Profit and loss account Long-term liabilities 8% debentures (20X7/20X0) £000 2,400 120 1,880 4,400 £000 2,000 500 200 400 900 4,000 400 4,400