Question

A limited company made an issue, which was fully subscribed, of 2,000, 5% Debentures of ₹ 100 each at ₹ 96, to be redeemed at par after five years. The debentures were allotted on 31st May 2023, subscriptions being payable:

15% on application
30% on allotment
30% on 30th June, 2023
Balance on 30th September 2023

One debenture holder holding 100 debentures paid the allotment with the first call along with interest on calls-in-arrears @ 10% per annum.

You are required to:

1. Give the amounts in rupees payable with:
   1. Allotment
   2. Second and Final Call
2. Prepare the Interest-on-Calls in Arrears A/c.

Answer 1

(i) 1. ₹ 30

    2. ₹ 21

(ii)

Interest on Calls-in-Arrears A/c
Date	Particulars	Amount (₹)	Date	Particulars	Amount (₹)
31.03.24	To Statement of P/L	25	30.06.23	By Debenture holder's A/c	25
		25			25