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Question
Y Ltd. invited applications for issuing 2000, 9% debentures of Rs 100 each at a discount of 10%. The whole amount was payable at the time of application. Applications for 2400 debentures were received and pro-rata allotment was made to all the applicants.
Pass necessary journal entries for the issue of debentures.
Solution
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Journal |
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Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
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Bank A/c (2,400 × 90) |
Dr. |
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2,16,000 |
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To Debenture Application & Allotment A/c |
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2,16,000 |
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(Amount received on 2,400 debentures issued at a discount of 10%, face value Rs 100) |
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Debenture Application & Allotment A/c |
Dr. |
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2,16,000 |
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Discount on Issue of Debentures A/c (2,000 × 10) |
Dr. |
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20,000 |
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To 9% Debentures A/c (2,000 × 100) |
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2,00,000 |
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To Bank A/c (400 × 90) |
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36,000 |
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(Application and allotment money received transferred to Debentures A/c and balance refunded) |
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