WILZ VENTURES PLC has an authorized share capital ofN600,000,000 . 300,000,000 shares were issued and fully paid. The bank balance of the company stood at N100,000,000 at 31st December 1998. On 5th January 1999, the company issued for public subscription, 100,000,000 ordinary shares for N1 at N1.50 K payable as follows:
30K per share on Application
N1.00 per share on Allotment including the premium
20K per share on first and final call, one onth afterallotment.
All the shares were subscribed and allotted. Applicationand allotment money was received on 16th and 24th of January 1999 respectively. First and final call money was received on the28th of February 1999.
Required: Show the necessary entries in the books of Wilz Ventures Plc.