Picton Ltd was registered on 1 July 2019. On 4 August a prospectus was issued inviting public subscriptions for an issue of 200 000 12% preference shares payable $2 in full on application, and 600 000 ordinary shares at a price of $1.60 per share, payable $1 on application, 20c on allotment and the balance as and when required.

Applications were to be made in multiples of 100 shares with a minimum of 200 preference shares or 500 ordinary shares. The directors reserved the right to allot the shares applied for in full or such lesser number as resolved and to apply excess money towards amounts due on allotment.

All other money was to be refunded to applicants.

Applications were received for 240 000 preference shares and 800 000 ordinary shares by 16 August when the directors closed the issue. On 19 August, the directors allotted the shares as follows.

1. Preference — three applications for a total of 40 000 shares were rejected, and the balance allotted in full.

2. Ordinary — applications for 120 000 shares were rejected in full and the balance was allotted on a pro rata basis.

On 24 August, refunds were made to the respective applicants in accordance with the directors’ resolutions. Share issue costs of $1500 were also paid on this date. Outstanding allotment money was received by 30 September.

On 8 November the directors resolved that a call of 30c per share was to be made on the 600 000 partly paid ordinary shares. The call is due and payable by 1 December.

Call money was received as follows.

• 1 December on 520 000 shares 

• 15 December on 40 000 shares 

Required 

Prepare entries in general journal form to record the above events in the accounts of Picton Ltd.