CBSE 2025 · Region 4 · Set 1 · Q25

Centurian Ltd. invited applications for issuing $\displaystyle 2,00,000$ equity shares of $\displaystyle 10$ each at a premium of $\displaystyle 20$ per share. The amount $\displaystyle 3$ $\displaystyle 2$ was payable as follows : On Application and Allotment -$\displaystyle 2$ $\displaystyle 20$ per share (including premium $\displaystyle 17$ per share) $\displaystyle 2$ On First and Final call -$\displaystyle 2$ $\displaystyle 10$ per share (including premium $\displaystyle 3$ per share) $\displaystyle 2$ Applications were received for $\displaystyle 3,00,000$ equity shares and allotment was made to the applicants as follows : Category (i) Applicants for $\displaystyle 2,00,000$ shares were allotted $\displaystyle 1,50,000$ shares. Category (ii) Applicants for $\displaystyle 1,00,000$ shares were allotted $\displaystyle 50,000$ shares. Excess money received on application and allotment was adjusted towards sums due on first and final call. Deepali, who had applied for $\displaystyle 2,000$ shares, failed to pay the first and final call money. Deepali belonged to Category (i). Her shares were subsequently forfeited. Pass necessary journal entries for the above transactions in the Books of Centurion Ltd. Open Calls-in-Arrears and Calls-in-Advance account, wherever necessary.

OR

Romerio Ltd. issued ₹ $\displaystyle 80,00,000$, $\displaystyle 8$% debentures of $\displaystyle 100$ each on 1st April, $\displaystyle 2023$ at par, redeemable at a premium of $\displaystyle 5$%. The company had ₹ $\displaystyle 3,00,000$ in its Securities Premium Account. Give journal entries in the books of Romerio Ltd. relating to the : (i) Issue of Debentures. (ii) Debenture interest for the year ending 31st March, $\displaystyle 2024$ assuming that interest was paid yearly on 31st March. (iii) Writing off Debenture Interest and Loss on Issue of Debentures.