Jossy Company Plc has a nominal capital of N70,000,000 dividedinto 6% preference sharess of 40,000,000 at N1.00 each. Thecompany issued all the ordinary shares fully paid. 15,000,0006% prefernce shares of N1.00 each at N0.95K were offered for publicsubscription on 5th May 1985 payable as follows:
50K per share on Application
30K per share on Allotment
15K per share (discount of 5K) on first andfinal call a month after allotment.
The balance at bank was N20,000,000 on 5th May 1985. All the shares were subscribed and allotted. Application and Allotment money were received on 10th and 20th May1985. Show the necessary entreis in the books of Jossy Company Plc.