Note that the question has two parts that are related. You should complete Part 1 and then proceed to Part 2. Question (Part 1]: On 1 August 2016,...

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Note that the question has two parts that are related. You should complete Part 1 andthen proceed to Part 2. Question (Part 1]: On 1 August 2016, NBS Ltd was incorporated and a prospectus was issued invitingapplications for 250 000 ordinary shares to the public at an issue price of $12, payable asfollows: $4 on application (due by closing date of 1 October) $5 on allotment (due 1 November) $3 on final call/calls (to be determined by the directors) By 1 October, applications had been received for 350 000 ordinary shares of whichapplicants for 50 000 shares forwarded the full $12 per share, applicants for 100 000 sharesforwarded $9 per share and the remainder forwarded only the application money. At a directors’ meeting on 7 October, it was decided to allot shares in full to applicants whohad paid the either $12 or $9 on application, to reject applications for 20 000 shares and toproportionally allocate shares to all remaining applicants. According to the company’sconstitution, all surplus money from application can be transferred to Allotment and/or Callaccounts. All outstanding allotment money was received by the due date. Legal costs offorming the company were $1300 and were paid on 11 October. Share issue costs of $10000 were also paid on the same date. RequiredPrepare general journal entries to record the above transactions of NBS Ltd.Narrations