Question

ABC limited issued Rs.10,000 ,12% debenture of Rs.100 each payable Rs.30 on application and the remaining amount on allotment.The public applied for 9,000 debenture which werefully allotted and all the relevant allotment money was duly received.Give journal entries in the book of ABC Ltd.,and exhibit the relevant information in the balance sheet.​

Answer 1

Answer:

Bank account. dr. 270000

To 12%debenture application 270000

12%debenture application. dr. 270000

To 12%debenture account. 270000

12%debenture allotment. dr 630000

To 12%. debenture account. 630000

Bank account. dr. 630000

To 12%debenture allotment. 630000

Balance Sheet

particulars. C.Y. P.Y.

A) Equity & liabilities

1.shareholdets fund

2. Non current liabilities.

long term borrowing 900000