During its first year of operations, SunLand Ltd had the following transactions pertaining to its capital.

Jan.  10  Issued 60 000 shares for cash at $5 per share.

July  1  Issued 20 000 shares for cash at $9 per share. 

Required

(a) Journalise the transactions, assuming that the share issues were private placements.

(b) Journalise the 1 July and subsequent call issue assuming that it was a public offer, and that the public were invited to subscribe for 20 000 shares at $9 each, $4.50 payable on application and $3 on allotment. Applications closed and shares were allotted on 1 July. All allotment money was received by 31 July. The remaining capital of $1.50 per share is called on 1 December and all call money was received by 31 December.