[ISC] Q. 1 solution of Issue of Debentures TS Grewal Class 12 (2022-23)

Solution of Question number 1 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2022-23 session?

Star & Sky 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:-