On 1st April, $\displaystyle 2023$, GI Ltd. issued $\displaystyle 40,000$, $\displaystyle 12$% debentures of $\displaystyle 100$ each $\displaystyle 3$ at a premium of $\displaystyle 10$%, redeemable at par after five years. The company closes its books on 31st March every year. Interest on debentures is payable half-yearly on 30th September and 31st March every year. Pass necessary journal entries in the books of the company for issue of debentures and payment of interest for the year ended 31st March , 2024.

Books of GI Ltd. Journal Date Particulars L.F Dr. Cr. Amount Amount ₹ ₹ $\displaystyle 2023$ Bank A/c Dr. $\displaystyle 44,00,000$ April $\displaystyle 1$ To Debenture Application and Allotment A/c $\displaystyle 44,00,000$ (Receipt of application money on $\displaystyle 40,000$, $\displaystyle 12$% Debentures of ₹$\displaystyle 100$ each issued at a premium of $\displaystyle 10$%) ,, Debenture Application and Allotment A/c Dr. $\displaystyle 44,00,000$ To $\displaystyle 12$% Debentures A/c $\displaystyle 40,00,000$ To Securities Premium A/c $\displaystyle 4,00,000$ (Transfer of Debenture application money to Debentures account and Securities premium account) $\displaystyle 2023$ Debenture Interest A/c Dr. $\displaystyle 2,40,000$ Sept $\displaystyle 30$ To Debentureholders A/c $\displaystyle 2,40,000$ (Interest due on debentures for six months) ,, Debentureholders A/c Dr. $\displaystyle 2,40,000$ To Bank A/c $\displaystyle 2,40,000$ (Payment of interest to debentureholders) $\displaystyle 2024$ Debenture Interest A/c Dr. $\displaystyle 2,40,000$ March $\displaystyle 31$ To Debentureholders A/c $\displaystyle 2,40,000$ (Interest due on debentures for six months) ,, Debentureholders A/c Dr. $\displaystyle 2,40,000$ To Bank A/c $\displaystyle 2,40,000$ (Payment of interest to debentureholders)