Question

Ruchi Ltd. issued 2,000 6% debentures of 100 each at a discount of 10% payable as ? 30 on
application, 50 on allotment and the balance on calls. All the amounts were duly received. I
allotment 10% discount is included. Record the above transactions in the journal of the Company
[Ans. Total of Journal 3,80,000)​

Answer 1

Answer:

Journal

Bank a/c. Dr. 6000

To debenture application a/c. 6000

Debenture application a/c. Dr. 6000

To 6%debenture a/c. 6000

Debenture allotment a/c. Dr. 100000

discount on issue of debenture Dr 20000

To 6% debenture a/ c. 120000

Bank a/c. Dr. 100000

To debenture allotment a/c. 100000

Debenture calls a/c. Dr. 20000

To 6% debenture a/c. 20000

Bank a/c. Dr. 20000

To debenture calls a/c. 20000