a) NMR Limited was registered with a share capital of $500000 divided into 50000 ordinary shares of $10 each. The company's shares are payable as follows: $2 on application (1 January, 2016) $3 on allotment (5 February, 2016) $5 two months afterwards. The company received applications for 55000 shares. The directors resolved to refund application money for 5000 shares. All the other amounts were received on due dates. Record the issue of these shares in the following books of accounts: i) Ledger and ii) Cash Book of the company. [12 marks] [ 8 marks] QUESTION 2 a) Explain the following terms in relation to bills of exchange: i) Bill of exchange showing clearly the parties involved. ii) Dishonoured bill [ 6 marks] iii) Endorsement [2 marks] iv) Acceptance [2 marks] [2 marks]