[CBSE] Q. 9 Issue of Debentures Solution TS Grewal Class 12 (2024-25)

Solution of Question number 9 of the Issue of Debentures Chapter of TS Grewal Book 2024-25 CBSE Board

Iron Products Ltd. issued 5,000; 9% Debentures of ₹ 100 each at a premium of ₹ 40 payable as follows:

(i) ₹ 40, including premium of ₹ 10 on application:

(ii) ₹ 45, including premium of ₹ 15 on allotment; and

(iii) Balance as first and final call.

The issue was subscribed and allotment made. Calls were made and due amount was received.

Pass Journal entries.

Solution:-