On 30 September 2016, Jacaranda Ltd issued a prospectus calling for applications for 600 000 ordinary shares at an issue price of $3, payable $1.50 on application and $1.50 on allotment. By the closing date of 31 October 2016, the company had received the following application money:

From applicants for 500 000 shares From applicants for 120 000 shares

$

750 000 360 000

On 15 November, it was decided to allot to applicants who paid more than the application money the number of shares applied for, and to applicants who paid only the application money 480 000 shares. Application money was refunded to 20 000 unsuccessful applicants.

The constitution gives the directors the power to apply excess application money to allotment. All other allotment money was received by 31 December 2016.

Required

Prepare the necessary ledger accounts to record the above transactions.