[ISC] Q. 4 Issue of Debentures solution TS Grewal Class 12 (2023-24)

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Solution of Question number 4 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2023-24 session?

Smart Ltd. issued 5,000, 10% Debentures of ₹ 100 each, payable ₹ 30 on application and ₹ 70 on allotment. Applications were received for 4,000 debentures and debentures were allotted to all the applicants.

Give the necessary Journal entries and Balance Sheet of Smart Ltd.

Solution:-

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