Question

Y.Ltd. issued 2,000, 6% Debentures of Rs 100 each payable as follows: Rs 25 on application; Rs 50 on allotment and Rs 25 on First and Final call.

Answer 1

Books of Y Ltd. Journal
Date	Particulars			L.F.	Debit Amount Rs	Credit Amount Rs
	Bank A/c		Dr.		50,000
		To 6% Debentures Application A/c				50,000
	(Application money @ Rs 25 each received for 2,000 6% Debentures)
	6% Debenture Application A/c		Dr.		50,000
		To 6% Debenture A/c				50,000
	(Application money on 2,000 debentures transferred to 6% Debentures Account)
	6% Debenture Allotment A/c		Dr.		1,00,000
		To 6% Debenture A/c				1,00,000
	(Debenture Allotment money @ Rs 50 each due on 2,000 6% Debentures)
	Bank A/c		Dr.		1,00,000
		To 6% Debenture Allotment A/c				1,00,000
	(Allotment money for 2,000 6% Debentures received)
	6% Debenture First and Final Call A/c		Dr.		50,000
		To 6% Debenture A/c				50,000
	(Debenture First and Final Call @ 25 each due on 2,000 6% Debentures)
	Bank A/c		Dr.		50,000
		To 6% Debenture First and Final Call A/c				50,000
	(First and Final Call for 2,000 6% Debentures received)