Are you looking for the solution of Question number 38 of the Issue of Debentures Chapter of TS Grewal Book 2021-22 Edition for the 2021-22 session?
Question number 38 of the issue of debentures chapter is a practical one.
Solution of Question Number 38 of Issue of Debentures Chapter of TS Grewal Book 2021-22 Class 12
Question – 38
Bright Ltd. issued 5,000; 10% Debentures of ₹ 100 each on 1st April 2020. The issue was fully subscribed. As per the terms of the issue, interest on the debentures is payable half-yearly on 30th September and 31st March.
Pass necessary Journal entries related to the debenture interest for the year ending 31st March 2020 and transfer of interest on debentures of the year to the statement of Profit and Loss.