Question

A company issued 2,50,000 Equity Shares of ₹ 10 each to public. All amounts have been received in lump sum. Pass necessary journal entries in the books of the company.

Answer 1

XYZ Ltd. issued 5,000, 10% Debentures of ₹ 100 each on 1st April, 2015 at a discount of 10% redeemable at a premium of 10% after 4 years. Give journal entries for the year ended 31st March, 2016, assuming that the interest was payable half-yearly on 30th September and 31st March. Tax is to be deducted @ 10%.

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Answer 2

Calculation of share capital:

Authorized Capital= Rs.25,00,000 (2,50,000 x Rs.10 )

Issued and subscribed Capital= Rs.25,00,000 (2,50,000 x Rs.10 )