Q2.Modern Equipments Ltd. issued 4,00,000, 12% debentures of Rs. 100 payable as follows : On application Rs. 30 On allotment Rs. 70 The debenture were fully subscribed and all the money was duly received. As per the terms of issue, debentures are redeemable at Rs.110 per debenture. Record necessary entries regarding issue of debentures.
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Bank ac dr. 3000
To 12% prefernce share 3000
12% prefernce share dr. 3000
To preference share capital ac 3000
Prefernce share allotment dr. 7000
To preference share capital 7000
Bank ac dr. 7000
To prefernce share allotment 7000
Debentures ac dr. 10000
Debentures at premium 1000
To debentures holder accounts 11000
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