[ISC] Q. 3 solution of Issue of Debentures TS Grewal Class 12 (2022-23)

Solution of Question number 3 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2022-23 session?

Pollock Ltd. issued 2,000; 9% Debentures of ₹ 100 each on the following terms:

₹ 20 on applicaiton; ₹ 20 on allotment; ₹ 30 on first call and ₹ 30 on final call.

Applicaitons were received for 2,400 debentures. Applications for 1,800 debentures were accepted in full. Applicaitons for 400 debentures were allotted 200 debentures and applications for 200 debentures were rejected. Pass necessary Journal entries.

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