[ISC] Q. 39 Issue of Debentures solution TS Grewal Class 12 (2023-24)

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Solution of Question number 39 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2023-24 session?

On 1st April, 2020 K.K. Ltd. issued 10,000; 10% Debentures of ₹ 100 each at a disocunt of 10% redeemable at a premium of 5%. It has balances of ₹ 1,00,000 in Capital Reserve and ₹ 50,000 in the Securities Premium Reserve. The company decided to write off discount or loss on issue of debentures in the year ended 31st March, 2021 from the Capital Reserve and/or Securities Premium Reserve in the year of issue.

Pass the necessary Journal entries for issue of debentures and writing off Loss and prepare Loss on issue of debentures Account.

Solution:-

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