Question

casio ltd issued 75000; 8% debentures of rupees 100 each, payable on Application and redeemable at par any time after 6 years record necessary journal entries for issue of debentures​

Answer 1

Answer:

Bank A/C Dr 7500000

To Debentures Application&Allotment

A/C 7500000

(being money received on issue)

Debentures Application&AllotmentA/C. Dr. 7500000

To 8% Debentures A/C 7500000

(being money received transferred to 8 % Debentures A/C)