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Mba Limited had the following as balances in its accounts on 1st March 1984

Mba Limited had the following as balances in its accounts on 1st March 1984. Nominal and Issued Capital: 600,000 OrdinaryShares of N1 each fully paid.

The company offered 5% 600 debentures of N100 each on 5th March 1984 for public subscription payable as follows:
 
N80 per debenture on Application
 
N20 per debenture on Allotment
 
The debentures offered were fully subscribed and allotted. Debenture Application money was received on 10th March, 1984 and Debenture Allotment money was received on 15th March 1984.
 
Required:
Show the necessary entries in the books of Mba Limited and the Balance Sheet of 31st March, 1984.

Apr 20 2018 View more View Less

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