[ISC] Q. 39, 40 Issue of Debentures solution TS Grewal Class 12 (2026-27)
Solution of Question number 39 and 40 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2026-27 session
Q. 39. Ashima Ltd. issued 20,000; 9% Debentures of ₹ 100 each, payable in four equal amounts on application, allotment and two calls. Applications were received for 25,000 debentures. Debentures were allotted on pro rata basis to all the applicants. One applicant to whom 100 debentures were allotted paid full amount while remitting the allotment money and another debentureholder who was allotted 120 debentures did not pay the final call. The remaining debentureholders paid the amount due as and when called to pay.
Additional Information:
(i) First call was made 4 months after the date of allotment and the final call was made 6 months after the first call.
(ii) Company received the Calls-in-Arrears on 120 debentures 4 months after the final call became due with interest on Calls-in-Arrears.
The Articles of Association of the company provided to charge interest on Calls-in-Arrears @ 10% p.a. and to allow interest on Calls-in-Advance @ 12% p.a.
Pass necessary Journal entries. The company paid the interest due on the date of final call in Cash.
Solution:-
Q. 40. 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 debenture holders 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.
Solution:-
