[ISC] Q. 32 solution of Issue of Debentures TS Grewal Class 12 (2022-23)

Share your love

Solution of Question number 32 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2022-23 session?

Niranjan Ltd. issued 40,000, 8% Debentures of ₹ 100 each at par payable in equal amount on application, allotment and two calls. Applications were received for 50,000 debentures. Allotment of 40,000, 8% Debentures was made on pro rata basis to all the applicants. One applicant to whom 480 debentures were allotted paid full amount while paying the allotment money and another debentureholder who applied for 400 debentures did not pay the final call. The remaining debentureholders paid the amount due as and when called upon to pay.

The first call was made three months after allotment date and the final call was made five months after the first call. The company received the Calls-in-Arrears on 400 shares three months after the final call became due with interest. The company paid the interest on Calls-in-Advance on the date of final call.

Pass the necessary Journal entries in the books of the company. Interest on Calls-in-Arrears and Calls-in-Advance was @ 10% p.a. and 12% p.a. respectively.


Share your love
Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

Articles: 6122


  1. Thank you so much for these sums respected sir.
    There is an error in the sum
    It will be 9,88,000 so please rectify it for the future students.
    Such errors can obviously happen,
    Thank you so much sir for your effort

Leave a Reply

Your email address will not be published. Required fields are marked *


Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.