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GRADED PROBLEMS ON ACCOUNTANCY
20. Happy Ltd. issued 15,000 71/2% debentures of * 100 each at a premium of 5%, payable as 25 on
application, 30 on allotment (including premium) and the balance in two equal instalments.
Applications were received for 20,000 debentures. All allotments were made proportionately, over
subscriptions being applied to the amount due on allotment.
The debentures were fully called up. All sums due were received by the company in due course.
Journalise the above transactions.
[Hints : Excess application money * 1,25,000 is to be adjusted on allotment.]
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