Chili Ltd was registered on 1 March 2014. Directorsdecided to issue 500 000 ordinary shares on 31 March2014, payable in full on application at an issue price of$2.The company received applications for 560 000shares, sent letters of regret to applicants for 10 000shares and the remaining applicants received partialallotments by issue of 10 shares for every 11 sharesapplied for, making the total allotment 500 000 shares.Legal costs of issuing the shares, $12 000, were paid.Required: Prepare journal entries and ledger accountsto record the above transactions

Preparing journals is part of YOUR class. You prepare the journal and we can help in areas that need clarification.