On 1st April, $\displaystyle 2022$, Helloix Ltd. issued $\displaystyle 10,000$, $\displaystyle 7$% Debentures of ₹ $\displaystyle 500$ each at a premium of $\displaystyle 10$%, redeemable at a premium of $\displaystyle 5$% after five years. The company had a balance of ₹ $\displaystyle 1,50,000$ in the Securities Premium Account before the issue. (a) Pass necessary journal entries for issue of debentures and for writing off ' Loss on I ssue of Debentures' utilising Securities Premium Account at the end of the first year itself. 'L $\displaystyle 7$ (b) Prepare oss on Issue of Debentures Account for the year ended 31st March, 2023.

Books of Helloix Ltd. JOURNAL Date Particulars L.F. Dr. Cr. Amount (`) Amount (`) $\displaystyle 2022$ a) Bank A/c Dr. $\displaystyle 55,00,000$ Apr $\displaystyle 1$ To Debenture Application & Allotment A/c $\displaystyle 55,00,000$ (Application amount received on $\displaystyle 10,000$, $\displaystyle 7$% Debentures.) “ Debenture Application & Allotment A/c Dr. $\displaystyle 55,00,000$ Loss on Issue of Debentures A/c Dr. $\displaystyle 2,50,000$ To $\displaystyle 7$% Debentures A/c $\displaystyle 50,00,000$ To Securities Premium A/c $\displaystyle 5,00,000$ To Premium on Redemption of Debentures A/c $\displaystyle 2,50,000$ (Application amount transferred to debentures a/c, securities premium a/c and provision for premium on redemption of debentures made.) $\displaystyle 2023$ Securities Premium A/c Dr. $\displaystyle 2,50,000$ Mar31 To Loss on Issue of Debentures A/c $\displaystyle 2,50,000$ (Loss on issue of debentures written off.) Dr. Loss on Issue of Debentures A/c Cr. Date Particulars J.F. Amount Date Particulars J.F. Amount (`) (`) $\displaystyle 2022$ To Premium on $\displaystyle 2023$ By Securities April $\displaystyle 1$ Redemption of March $\displaystyle 31$ Premium A/c $\displaystyle 2,50,000$ Debentures A/c $\displaystyle 2,50,000$ $\displaystyle 2,50,000$ $\displaystyle 2,50,000$ .