Each side of the debate also sought to discredit the figures put forward by their opponents.
Scottish First Minister Alex Salmond said the Treasury's calculations had been "blown to smithereens", while Chief Secretary to the Treasury Danny Alexander accused SNP ministers of offering voters a "bogus bonus".
13% more tax needed to maintain independent Scotland public services, or...
11% cut in public services needed to keep current tax levels
£1.5bn-£2.7bn estimated cost of restructuring Scotland's institutions
Note: Figs relate to a 20-year period starting from 2016-17 Source: Treasury
A new Scottish government paper said an independent Scotland would begin life with its public finances in a "strong" position, and could see its economy £5bn per year better off by 2029-30.
Mr Salmond said Scotland was one of the world's wealthiest countries, but needed the powers of independence to realise its full potential.
He told the BBC: "We put forward the benefit over a period of 15 years. We calculate that as each individual in Scotland being £1,000 better off - that's a £5bn bonus, or a family £2,000 better off a year."
The Scottish government paper said:
Scotland's finances in 2016-17 will be similar to, or stronger than, both the UK and the G7 industrialised countries as a whole.
Scotland's public finances show debt on a downward trajectory, enabling future Scottish governments to start an oil savings fund.
Scotland's estimated debt to GDP ratio in 2016-17 is forecast to be lower than the UK's under any potential outcome of negotiation with the UK over public sector assets and liabilities.
Scotland's fiscal position between 2008-09 and 2012-13 is estimated to have been worth £8.3bn, equivalent to £1,600 per person.
An independent Scotland could see tax income increase by £2,4bn a year by 2029-30, under a predicted 0.3% productivity increase.
A 3.3% increase in Scotland's employment rate would move it up to the level of the top five performing countries in the OECD and could increase revenues by £1.3bn a year, by 2029-30.
14% increase in oil and gas production between 2013-18
Tax receipts currently 14% higher in Scotland than UK
Source: Scottish government
The first minister said his government's calculations were "based on reason and logic", as he hit out at UK government claims it could cost up to £2.7bn for an independent Scotland to set up the public bodies it needed, which made use of London School of Economics research.
LSE academic Patrick Dunleavy later posted on his Twitter account: "UK Treasury press release on Scotland costs of government badly misrepresents LSE research."
Mr Salmond added: "Danny Alexander's calculations have been blown to smithereens, because the Treasury relied on the work of the LSE professor, Professor Dunleavy, who this morning has accused them of grossly misrepresenting his work."
But Mr Alexander branded the Scottish government's £5bn figure a "bogus bonus", adding: "They're desperately trying to distract attention from that fundamental question, that there simply wouldn't be the same level of resources available for public services if Scotland were independent."
The Treasury published its own paper outlining what the UK government sees as challenges to an independent Scotland, including an ageing population, declining oil revenues and the potential for higher interest rates.
Scotland in numbers
What is Scotland's population?
What is Scotland's share of the national debt?
How does pay in Scotland compare with England, Wales and NI?
Mr Alexander said: "Today we have shown that, by staying together, Scotland's future will be safer, with stronger finances and a more progressive society.
"Because as a United Kingdom we can pool resources and share risks. It means a UK dividend of £1,400 a year for every man, woman and child in Scotland.
"That dividend is our share of a more prosperous future. It is the money that will pay for better public services and a fairer society."
The Treasury analysis said:
Scotland, as part of the UK, was projected to be able to have lower tax or higher spending than under independence. This "UK Dividend" is estimated to be worth £1,400 per person in Scotland in each year from 2016-17 onwards.
Under independence, the loss of the UK Dividend would mean £1,400 per year for each Scottish person in higher taxes and lower public spending.
The "direct costs" of independence would include higher interest rates for an independent Scottish state to borrow, the net costs of setting up new institutions, and the net costs of funding the Scottish government's White Paper policies (including the potential economic benefits).
If the UK debt was split according to population at the end of 2015-16, an independent Scotland would take on debt of about 74% of its GDP, which could reach "unsustainable levels without policy action".
ANALYSIS - BBC Scotland political editor Brian Taylor
What is the £1,400 Union dividend?
Well, the UK Treasury says it's per person and would come into play at the onset of independence. It takes into account higher public spending borne by Scotland alone; lower oil revenues than Scottish government forecasts; a disproportionately ageing population; set-up costs of independence and the net effect of policies in the White Paper, such as a reduction in corporation tax. To counter that, Scotland would benefit from having a geographical share of North Sea oil, rather than having it shared across the UK as a whole.
So, what is the breakdown per head? The first six figures show costs to be added to Scotland's account (hence the plus). The seventh, about oil share, is a cost to be removed from Scotland's account (hence the negative).
Lower UK borrowing +£47
Set-up costs and net effects of Work and Pensions policies avoided +£261
tweets: Finding out about uplift in business in Glasgow some saying by factor of four
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Visit here for more on Aberdeen Royal Infirmary's recruitment drive.
Fred MacAulay is live from The Waverley paddle steamer on the River Clyde joined by Balamory favourite Miss Hoolie - actor Julie Wilson Nimmo plus music from Mercury-nominated Fife singer songwriter King Creosote.
Eilidh Child won Glasgow 2014 silver at Hampden last night and dad Ronnie discusses what it's like to cheer on a loved one at the Games!
Speaking on BBC Radio Scotland about how Scotland is dealing with any potential Ebola cases, Dr Colin Ramsay, of Health Protection Scotland, said: "There's been no programme of actively screening athletes simply because of the Commonwealth Games.
"The situation is that if someone presents with symptoms suggestive of the possibility of Ebola virus infection and who has come from a country affected by the current outbreak - and that's Sierra Leone and Guinea and Liberia - they would be investigated accordingly and that would involve managing them with a set of standard precautions."
Royal Bank of Scotland has warned Scottish independence could have a "material adverse effect" on its business.
The Edinburgh-based bank, 80% owned by the taxpayer, said a "Yes" vote in the 18 September referendum could cause uncertainty and hit credit ratings.
After the heroics of Eilidh Child, Alex Gladkov, Daniel Keatings and Daniel Purvis yesterday, Scotland have medal hopes in today's athletics, gymnastics and lawn bowls at the Glasgow 2014 Commonwealth Games.
Bowler Darren Burnett contests the gold medal match in the men's singles against Canada's Ryan Bester and Scotland's fours team will also be competing for gold medal when they take on England.
Adam Cox, Frank Baines, Keatings and Purvis are in gymnastics action and Lynsey Sharp goes in the final of the 800m at Hampden this evening.
Glasgow 2014 mascot Clyde has been paying tribute to the city's most famous statue.
Michael Jackson-Matthews took this picture outside the Glasgow Victoria Infirmary.
We'd love you to email us any images you have taken in and around the Games.
Missed any of the action from Day Eight at Glasgow 2014? We have a video catch-up of all the best bits.
"There's a six-and-a-half-foot drag queen in the ladies' bathroom. In leopard skin dress and towering platforms, he apologises but he's onstage any minute and the ladies is much closer than the gents."
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