Question

A limited company made an issue of 10,000, 14% debentures of 100
each at 5% discount, which was fully subscribed. The debentures were allotted on 31st July,
2015 subscription being payable 10% on application, 40% on allotment 25% on 307
September, 2015 and the balance on 30th November, 2015,
Under the terms of issue, payment could be made in full on 31st July, 2015. Interest on any
such repayment is payable at the rate of 12% per annum. Such interest is not deductible
from the subscriber's payment, but is payable by the company on 30th November, 2015
The allottee of 500 debentures took advantage of the pre-payment terms, while others paid
on the due dates.
Journalise the entries to be made in the company's book.
Ans. Interest on calls in advance 650​

Answer 1

Answer:

Sorry this is question tooo long