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What are debentures

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Reference no: EM13513175

(a) What are Debentures?

(b) Explain the following terms in relation to Limited Liability Company Accounts:

i. Calls in arrears

ii. Shares issued at a discount (4 Marks)

(c) In accordance with the Companies and Allied Matters Act LFN 2004, the share premium may be used in certain circumstances. State TWO of such circumstances.

(d) Bond Plc has an authorized share capital of 240,000,000 shares of N1.00 each and has issued 2,000,000 ordinary shares each payable as follows:

25k per share payable on application

20k per share on allotment

30k per share on first call

25k per share on final call.

Application and all other call monies were received in full on 31 March 2009, 10 May

2009, 30 June 2009 and 2 July 2009.

Prepare the necessary journal entries to record the foregoing transactions.

Reference no: EM13513175

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