CBSE 2022 · Region 4 · Set 1 · Q6

X Ltd. invited applications for issuing $\displaystyle 15,000$ $\displaystyle 8$% Debentures of ₹ $\displaystyle 100$ each. The amount was payable as follows : On Application ₹ $\displaystyle 20$ per Debenture On Allotment Balance Applications for $\displaystyle 30,000$ Debentures were received. Applications for $\displaystyle 5,000$ Debentures were rejected and the application money was refunded to the applicants. Prorata allotment was made to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. The remaining allotment money was duly received. Pass necessary journal entries for the above transactions in the books of X Ltd.

OR

Pass necessary journal entries for the issue of Debentures in the following cases : (i) Y Ltd. issued ₹ $\displaystyle 5,00,000$, $\displaystyle 9$% Debentures of ₹ $\displaystyle 100$ each at par redeemable at a premium of $\displaystyle 10$% after three years. (ii) Z Ltd. issued $\displaystyle 4500$, $\displaystyle 9$% Debentures of ₹ $\displaystyle 100$ each at a discount of $\displaystyle 10$% redeemable at a premium of $\displaystyle 5$% after three years.