[ISC] Q. 1, 2 Issue of Debentures solution TS Grewal Class 12 (2026-27)

Solution of Question number 1 and 2 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2026-27 session?

Q. 1. Craft Ltd. issued 10,000; 10% Debentures of 100 each at par payable on application. Applications were received for 10,000 debentures and debentures were allotted to all the applicants.

Pass necessary Journal entries in the books of the company.

Solution:

Q. 2. Fortune Ltd. issued 2,000; 8% Debentures of ₹ 100 each payable as follows:

₹ 25 on application: ₹ 25 on allotment and ₹ 50 on first and final call.

Applications were received for all the debentures along with the application money and allotment was made. The call money was also received on due date.

Pass necessary Journal entries in the books of the company.

Solution:-