Question

ABC Ltd. issues 10,000; 12% debentures of Rs. 100 each, payable as Rs. 30 on
application and remaining amount on allotment. The public applied for 9,000
debentures which were fully allotted and all the relevant allotment money duly
received. Give journal entries in the books of ABC Ltd.​

Answer 1

Answer:

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Explanation:

ABC Ltd. issues 10,000; 12% debentures of Rs. 100 each, payable as Rs. 30 on

application and remaining amount on allotment. The public applied for 9,000

debentures which were fully allotted and all the relevant allotment money duly

received. Give journal entries in the books of ABC Ltd.

Answer 2

Given:  ABC Ltd. issues 10,000; 12% debentures of Rs.100 each, payable as Rs. 30 on the application, and the remaining amount on the allotment.  

 

To Find:  Give journal entries in the books of ABC Ltd.

Solution :  

            Bank A/C                                       Dr.                   270000  

            To 12% debentures application  a/C                                        270000

             [ application money on 9000 debentures received]

 

           12% debentures application A/c    Dr.                  270000

                   To 12% debenture A/C                                                     270000

            [application money transferred to debentures A/C]

 

           12% debentures allotment A/c       Dr.                630000

                   To 12% debentures A/C                                                    630000

          [ due amount on 9000 debentures on allotment ]

     

            Bank A/C                                         Dr.                 630000

                     To, 12% debentures Allotment A/C                               630000

               [ amount received on allotment]