Question

Y Ltd issued 2,000, 6% Debentures of Rs, 100 each payable as follows

Rs. 25 on applications; Rs. 50 on allotment and Rs. 25 on First and Final call.

Answer 1

$\text{Journal Entries}$
$\begin{array}{ccccc}\text{Date}& \text{Particulars}& \text{LF}& \text{Amt.(Dr)}& \text{Amt.(Cr)}\\ \left(i\right)& \text{Bank A/c}Dr& & 50,000& \\ & \text{To 6\% Debenture Application A/c}& & & 50,000\\ & \text{(Application money at Rs 25 each}& & & \\ & \text{received for 2,000 6 \% debentures)}& & & \\ & \underset{–}{}& & & \\ \left(ii\right)& \text{6\% Debenture Application A/c}Dr& & 50,000& \\ & \text{To 6\% Debenture A/c}& & & 50,000\\ & \text{(Application money on 2,000 debentures}& & & \\ & \text{transferred to 6\% debentures account)}& & & \\ & \underset{–}{}& & & \\ \left(iii\right)& \text{Bank A/c}Dr& & 1,00,000& \\ & \text{To 6\% Debenture Allotment A/c}& & & 1,00,000\\ & \text{(Debenture allotment money at Rs. 50 each}& & & \\ & \text{received on 2,000 6\% debentures)}& & & \\ & \underset{–}{}& & & \\ \left(iv\right)& \text{6\% Debenture Allotment A/c}Dr& & 1,00,000& \\ & \text{To 6\% Debenture A/c}& & & 1,00,000\\ & \text{(Allotment money received for 2,000 6 \% debentures}& & & \\ & \text{transferred to debentures account)}& & & \\ & \underset{–}{}& & & \\ \left(v\right)& \text{Bank A/c}Dr& & 50,000& \\ & \text{To 6\% Debenture First and Final Call A/c}& & & 50,000\\ & \text{(Debenture first and final call at Rs. 25 each}& & & \\ & \text{received on 2,000 6 \% debentures)}& & & \\ & \underset{–}{}& & & \\ \left(vi\right)& \text{6\% Debenture First and Final Call A/c}Dr& & 50,000& \\ & \text{To 6\% Debenture A/c}& & & 50,000\\ & \text{(First and final call money for 2,000 6 \%}& & & \\ & \text{debentures transferred to debentures account )}& & & \end{array}$