Newcastle Ltd was incorporated on 1 July 2019. On 1 August, it was decided to issue 300 000 ordinary shares on the following terms.

To the end of August, applications for 350 000 shares had been received together with the application money due on each share. One applicant for 5000 shares had forwarded $20 000 in full payment of the shares.

On 15 September, the directors proceeded to allot 300 000 shares on the following basis. Applicants for 30 000 shares were refunded their application money in full, 5000 shares were allotted to the applicant who paid for the shares in full, and the other successful applicants were allotted the remaining shares, excess application money being transferred to allotment.
On 7 October, all allotment money had been received. A first and final call was made on 1 November, and all call money was received by 30 November with the exception of the amount due on 6000 shares.

Required

Prepare all ledger accounts (T account format) necessary to record the above transactions.

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Application Allotment $2 per share $1 per share Call as required $1 per share