3. Zee Company issued 1000 P1 ordinary shares at P1.50 pershare. The shares were to be paid for as follows: 50 thebe onapplication, 70 thebe (including premium) on allotment and 30 oncall. 1500 applications were received and allotment was made prorata to the applicants. The balance of application money wasapplied to the allotment, no cash being refunded. All instalmentswere received on the due dates. Prepare relevant accounts to recordthe above issue of shares.
