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Question
Amrit Ltd . was promoted by Amrit and Bhaskar with an authorised capital of ₹ 10,00,000 divide into 1,00,000 shares of ₹ 10 each.
The company decided to issue 1,000,6% Debentures of ₹ 100 each to Amrit and Bhaskar each for their services in incorporating the company.
Pass journal entry.
Solution
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
|
Incorporation Cost A/c (2,000 × 100) |
Dr. |
|
2,00,000 |
|
|
|
To 6% Debentures A/c |
|
|
|
2,00,000 |
|
|
( Debentures issued to promoters) |
|
|
|
|
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