Show me the steps to solve Case Study $4$

On $1$ August, Matthews Limited issued a prospectus offering $800,000$ $$2\mathrm{.}00$ ordinary shares, $$1\mathrm{.}50$ payable on Application and $$0\mathrm{.}50$ on Allotment. In the prospectus the directors have indicated that any excess application money may be kept and transferred to Allotment.

When applications closed on $30$ September, application for $800,000$ shares had been received including $200,000$ applicants who paid the full amount of $$2\mathrm{.}00.$ These payments were placed into the Trust Bank Account. The directors proceeded with the Allotment and the excess Application money was transferred to allotment.

The directors then issued a notice to the remaining $600,000$ shareholders on $31$ October asking for the payment due on Allotment. This was all received by $7$ November.

Required

$($a$)$ Prepare general journal entries including the cash entries to record the above transactions