Feliz Ltd has an authorised capital of £500,000 comprising 1 million ordinary shares of 50p each. The 1 million shares were issued at par, payments being made as follows:

Applications were received for 1.28 million shares. It was decided to refund application monies on 80,000 shares and to allot the shares on the basis of five for every six applied for. The excess application monies sent by the successful applicants is not to be refunded but is to be held and so reduce the amount payable on allotment.

The calls were made and paid in full with the exception of three members holding a combined total of 6,000 shares who paid neither the first nor the second call and another member who did not pay the second call on 2,000 shares. The shares were forfeited and reissued to C Lamb at a price of 85p per share.

You are to draft the ledger accounts to record the transactions.

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Payable on application Payable on allotment First call Second call Per share 10p 25p 35p 30p