payable on the following terms. 03.ltd. Issued 15.000 8% debentures of $100 cach at a premium of 12% on 1.54 may 2017 on application $25 on allotment $50 (including premium) and the balance on the final call. The issue was fully subscribed and debentures were allotted in full pass necessary journal entries. (8 point) Q4. M.M.C. Ltd had 20,000 8% Redeemable Preference Shares of $100 cach, fully paid up. The company decided to redeem these preference shares by issue of sufficient number of equity shares of $10 each fully paid up at discount $2. You are required to pass necessary Journal Entries including cash transactions in the books of the company. (7 point)