Question

G ltd issued 7500000 6% debenture of 50 each at par payable 15 on application and 35 on allotment redeemable at par after 7 year from the date of issue of debenture

Answer 1

Answer:

Journal Entries will be the following

Particulars Dr( all figures in lakhs ) cr ( in lakhs)

Bank A/c Dr 1125

To Debenture Application Ac 1125

Debenture Application ac dr 1125

To 6% debenture ac 1125

debenture allotment ac dr 2625

To 6% debenture ac 2625

Bank ac dr 2625

To debenture allotment ac 2625

kindly write narrations yourself.

Hope it helps