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On 1 February 2015, Melbourne Ltd made an offer to the public for investors for...

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Accounting

On 1 February 2015, Melbourne Ltd made an offer to the public for investors for subscribe for 10 million shares. The shares were issued at $2 per share. Applications for shares closed on 1 March 2015, with $1 per share being paid on application and a further $1 per share being payable within one month of allotment. By 1 March 2015, applications were received for 11 million shares, and it was decided that all subscribers would receive shares on a pro rata basis, with any excess paid on application to be offset against the amount due on allotment. The shares were allotted on 8 March 2015. Subsequently, all new shareholders made their payments due on allotment by 8 April 2015.

Required: Provide the journal entries necessary to account for the issue of the shares.

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