Accountancy, asked by prakharpandey679, 11 months ago

Garvit Ltd. invited applications for issuing 3,000, 11% Debentures of ` 100 each at a discount of 6%. The full amount was payable on application. Applications were received for 3,600 debentures. Applications for 600 debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants. Pass the necessary journal entries for the above transactions in the books of Garvit Ltd.​

Answers

Answered by yasaswi797
7

Answer:yes

Explanation:will try

BANK account 360000₹

To debenture application 360000₹

Being debentures allotted and cash received

Debenture application account 360000₹

To 11% debenture account 360000₹

Being transferred to debenture account.

11% debenture account 60000

To bank account

Being money refunded for rejected 600debentures

Answered by vishwakarmaakash713
3

Answer:

Journal of Garvit Ltd.

Particulars                                                                 Dr. (₹)        Cr. (₹)

Bank A/c Dr.                                                              3,38,400

To Debenture Application and Allotment A/c                         3,38,400  

(Being application money received on 3,600

debentures)

Debenture Application and Allotment A/c Dr.         3,38,400  

Discount/Loss on issue of Debentures A/c Dr.         18,000

To 11% Debentures                                                                      3,00,000

To Bank A/c                                                                                     56,400

(Being application money adjusted)

Explanation:

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