Fraser Ltd issued 10 million shares at a price of $3 on 1 July 2012.The subscribers are required to pay $1 on application,$1 on allotment and the balance on call to be announced at a later date.The share issue was oversubscribed by 2 million shares.On 1 August 2012 the shares were allotted to all subscribers on a pro rata basis.What is the balance of the 'allotment account' and 'share capital' for this share issue on 1 August 2012,respectively?

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The allotment account balance is $8 million because 10 million shares were allotted at $1 per share on allotment. The share capital is $20 million because 10 million shares were issued at $2 paid up ($1 on application and $1 on allotment).

Fraser Ltd Issued 10 Million Shares at a Price of $3