CBSE 2023 · Region 3 · Set 1 · Q18

M Ltd. issued $\displaystyle 10,000$, $\displaystyle 8$% Debentures of ₹ $\displaystyle 100$ each at $\displaystyle 6$% discount. The amount was payable as ₹ $\displaystyle 60$ on application and the balance on allotment. All money was duly received. Pass necessary journal entries in the books of M Ltd.

OR

A company forfeited $\displaystyle 4,000$ shares of ₹ $\displaystyle 10$ each fully called-up, on which application money of ₹ $\displaystyle 3$ each has been paid. Out of these, $\displaystyle 2,000$ shares were reissued as fully paid up for ₹ $\displaystyle 18$,000. Pass necessary journal entries for above transactions.