[ISC] Q. 30 solution of Issue of Debentures TS Grewal Class 12 (2022-23)

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Solution of Question number 30 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2022-23 session?

On 1st April, 2021, Z Ltd. issued 50,000, 8% Debentures of ₹ 100 each at a discount of 6% redeemable at a premium of 10% after 4 years. The amount was payable as follows:

On Application – ₹ 50 per debenture

On Allotment – Balance after discount.

Record the necessary Journal entry for the issue of debentures in the books of the company.

Solution:-

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