pihu Ltd. issued 300 lakh 8% debentures of Rs.100 each at a discount of 6 percent, redeemable at a premium of 5% after 3 years payable as : Rs. 50 on application andRs. 44 on allotment.You are required to prepare the necessary journal entries for issue of debentures.
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Answer:yes
Explanation:
Bank a/c 282000000000₹
To debenture application and allotment a/c 282000000000₹
(Debentures receipt of application money @50₹+44₹ For 3000000000 debentures)
Debenture application and allotment a/c 282000000000₹
Discount on issue a/c 18000000000₹
To 8% debenture account 285000000000₹
To premium 5% a/c 15000000000₹
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