[ISC] Q. 45, 46 Issue of Debentures solution TS Grewal Class 12 (2026-27)
Solution of Question number 45 and 46 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2026-27 session
Q. 45. Emm Ess Ltd. issued 10,000, 10% Debentures of ₹ 100 each at a discount of 10% on 1st April, 2021. The debentures were redeemable after 5 years at a premium of 10%. The amount was payable along with application. Interest was payable half-yearly. Applications were received for 15,000 debentures. Allotment was made to applicants for 10,000 Debentures and rest were sent letters of regret. Tax is deducted at source (TDS) @ 10%.
You are required to:
(i) Pass Journal entries for issue of Debentures.
(ii) Pass Journal entries for Interest on Debentures for the year ended 31st March, 2022, and
(iii) Prepare 10% Debentures Account.
Solution:-
Q. 46. Aar Kay Ltd. issued on 1st April, 2021, 15,000; 10% Debentures of ₹ 100 each at a premium of 10% redeemable at a premium of 5%. The amount was payable along with application and the interest was payable half-yearly on 30th September and 31st March each yeaer. Tax is deducted @ 20%.
Applications were received for 20,000 Debentures. Allotement was made to all the applicants on pro rata basis.
You are required to:
(i) Pass Journal entries for issue of debentures.
(ii) Pass Journal entries for interest, and
(iii) Prepare 10% Debentures Account.
Solution:-
