The abridged balance sheet of Brace Ltd, at 30 June 2016, was as follows:

Fifty thousand shares were issued to the public at $1.50 per share, with the full amount of $1.50 per share being payable on application. Applications were received for 80 000 shares, and a refund was made to the unsuccessful applicants. The freehold premises were revalued at $350 000. The directors resolved to make a bonus issue of one fully paid share at a value of $1.50 for every five shares held (including the 50 000 recently issued). For this purpose, it was decided that the full credit balances in the revaluation surplus accounts would be used, along with a portion of the retained profits account.
Assuming that no other transactions took place, record the above transactions in the journal, post to the ledger and prepare the balance sheet.

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Inventories Trade debtors Plant Freehold premises BRACE LTD BALANCE SHEET AS AT 30 JUNE 2016 $ 10000 20000 100 000 270000 400 000 Trade creditors Bank overdraft Share capital (shares of $1) Retained profits $ 60 000 40 000 200 000 100000 400 000