Question

Drumbeats Ltd. had a prosperous shoe business. They were manufacturing shoes in India
and exporting to Italy. Being a socially aware organization, they wanted to pay back to
the society. They decided to not only supply free shoes to 50 orphanages in various parts
of the country but also give employment to children from those orphanages who were
above 18 years of age. In order to meet the fund requirements, they decided to raise
50,000 equity shares of Rs. 50 each and 40,000 9% debentures of Rs. 40 each. Pass the
necessary journal entries for issue of shares and debentures. Also identify one value
which the company wants to communicate to the society.​

Answer 1

Answer:

7 — Drumbeats Ltd. had a prosperous shoe business. ... Being a socially aware organization, they wanted to pay back to ... They decided to not only supply free shoes to 50