[CBSE] Q. 44 Issue of Debentures Solution TS Grewal Class 12 (2024-25)
Solution of Question number 44 of the Issue of Debentures Chapter of TS Grewal Book 2024-25 CBSE Board
On 1st April, 2022, V.V.L. Ltd. issued 1,000, 9% Debentures of ₹ 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pass necessary Journal entries for the issue of debentures and debenture interest for the year ended 31st March, 2023, assuming that interest is payable on 30th September and 31st March. The company closes its books on 31st March, every year.
[Hint: Amount received as Debentures Application and Allotment A/c = 1,000 x ₹ 94 = ₹ 94,000. Interest on 1,000 Debentures of ₹ 100 each for 6 months = ₹ 1,00,000 x 9/100 x 6/12 = ₹ 4,500.]
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