ABC Ltd was registered as a corporation on 1 July 2012. On 4 July 2012, ABC Ltd issued a prospectus offering 100 000 ordinary shares at an issue price of $2.50 each, payable $1.50 on application and $1.00 on allotment.
Application closed on 1 August 2012 with the company having received applications for 110 000 shares. The shares were allotted on 15 August 2012, with the over-subscription amount being refunded to unsuccessful applicants. All allotment monies were received by 31 August 2012.
Following the allotment, the balance in the Share Capital account would be: