[ISC] Q. 9 Issue of Debentures solution TS Grewal Class 12 (2023-24)

Solution of Question number 9 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2023-24 session?

Max Ltd. issued 5,000; 8% Debentures of ₹ 100 each at a premium of 10%. Basu had underwritten the subscription at a commission of 5% payable by issue of 8% Debentures at a premium of 10%.

Pass the Journal entries.

Solution:-