Pink plc issued 100,000 ordinary shares of 50p each, at 60p each, 40p called. By the year-end it had received £32,000 from the issue and had incurred £2,000 as expense on issue.

Required: 

Set out the ledger accounts recording the share issue and show how their balances will be reported on the Statement of financial position at the year-end.

Clue: The amount called up (40p) on each share includes the premium (10p). Hence, the called-up value of each share at the point of allotment is only 30p.