[ISC] Q. 2 Issue of Debentures solution TS Grewal Class 12 (2023-24)

Solution of Question number 2 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2023-24 session?

Akai Ltd. issued 40,000; 10% Debentures of ₹ 100 each at par for cash payable in full along with the application. Applications were received for 60,000 debentures. Debentures were allotted and excess application money was refunded. Pass Journal entries in the books of the company.

Solution:-