[ISC] Q. 47 Issue of Debentures solution TS Grewal Class 12 (2023-24)

Solution of Question number 47 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2023-24 session?

Global Ltd. issued 10,000, 8% Debentures of ₹ 100 each redeemable at par in four equal installments by draw of lots from the end of 3 years at a premium of ₹ 9.

Pass the Journal entries for writing off the Loss on issue of Debentures. Also, prepare Loss on Issue of Debentures Account.

Solution:-

Working Notes:

Calculation of Issue of Debentures written off per year