[CBSE] Q. 10 Issue of Debentures Solution TS Grewal Class 12 (2024-25)

Solution of Question number 10 of the Issue of Debentures Chapter of TS Grewal Book 2024-25 CBSE Board

Pure Products Ltd. issued 30,000, 8% Debentues of ₹ 100 each at 10% premium for subscription. The issue price was payable ₹ 40 on application, ₹ 40 (including premium) on allotment and balance on first and final call. It received application money amounting to ₹ 10,80,000. Allotment was made and allotment money was received. First and final call is yet to be made. You are required to pass the necessary Journal entries.

Solution:-