Question

Great sale ltd. issued 40,000 ; 9% debentures of rupees 50 each at a discount of 8% redeemable at par anytime after 9 years . record necessary journal entries ​

Answer 1

Answer:

Bank A/C. Dr.1840000

To Deb App & Allot A/C. 1840000

Deb App & Allot A/C. Dr. 1840000

Disc. on issue of Deb A/C Dr. 160000

To 9% Debentures A/C. 2000000