x Ltd. issued 2000,15 percent debentures of rupee 100 each at par payable as follows rupee 25 on application rupee 25 on allotment and 50on first and final call.
Application were received for 3000 debentures. Application for 1600 debentures were accepted in full. Application for 600 debentures were allotted 400 debentures and the rest were rejected. All money due were received except final call on 100 debentures.
pass journal entries
Answers
Journal of X Itd.
Date Particular LF. Amount Amount
(Dr.) (Cr.)
Bank A/c Dr. 75000
To 15%Debenture Application A/c 75000
Being Application money received)
15% Debenture Application A/c Dr. 75000
To 15% Debentures A/c 50000
To 15 % Debenture Allotment A/c 5000
To Bank A/c 20000
(Being Transfer Application money)
15% Debenture Allotment A/c Dr. 50000
To 15 % Debentures A/c 50000
(Being Allotment money due)
Bank A/c Dr. 45000
To 15% debenture Allotment A/c 45000
(Being Allotment money received)
15% Debenture First & Final Cal A/c Dr. 100000
To 15 % Debentures A/c 100000
(Being First and Final Call due)
Bank a/c Dr. 95000
To 15% Debenture First & Final Call A/c 95000
(Being First & Final Call money received)