Question

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Answer 1

On receipt of Debenture Application Money :

Bank A/C    Dr     Rs.60,00,000

    To Debenture Application A/C      Rs.60,00,000

(Being the amount received in respect of application money on 60,000 debentures @Rs.100 per debenture)

On Allotment of Debentures:

Debenture Application A/C    Dr     Rs.40,00,000

    To 10% Debenture A/C       Rs.40,00,000

(Being transfer of debenture application money of 40,000 debentures to Debenture Account)

On refund of excess application money :

Debenture Application A/C    Dr    Rs.20,00,000

                    To Bank A/C                 Rs.20,00,000

(Being amount of application money on excess 20,000 debentures refunded)