Necessary entries in the books of mba limited

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Reference no: EM13256798

Mba Limited had the following as balances in its accounts on1st March 1984. Nominal and Issued Capital: 600,000 OrdinaryShares of N1 each fully paid.

The company offered 5% 600 debentures of N100each on 5th March 1984 for public subscription payable asfollows:

N80 per debenture on Application
N20 per debenture on Allotment

The debentures offered were fully subscribed andallotted. Debenture Application money was received on 10thMarch, 1984 and

Debenture Allotment money was received on 15thMarch 1984.

Required:

Show the necessary entries in the books of Mba Limited and theBalance Sheet of 31st March, 1984.

Reference no: EM13256798

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