[ISC] Q. 49 Issue of Debentures solution TS Grewal Class 12 (2023-24)

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Solution of Question number 49 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2023-24 session?

On 1st April 2017, Prasad and Company Limited issued 1,000, 10% Debentures of ₹ 1,000 each at ₹ 980. Under the terms of issue, 1/5 of the debentures is annually redeemable by drawings, the first redemption occurring on 31st March 2019.

On 31st March 2018, the company had a balance of ₹ 4,000 in its Capital Reserve Account.

The company wrote off the discount on issue of debentures over the lifetime of the debentures.

You are required to prepare the discount on issue of debentures account for the first three years.

Solution:-

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