Question - 23

P.K. Ltd. issued 10,000, 8% debentures of Rs. 100 each at a discount of 5% payable as Rs. 15 on application, Rs. 35 on allotment, Rs. 25 on first cal and Rs. 20 on final call application were received for 6,000 debentures allotment first and final call amounts were not paid on 700 debentures all other amounts were duly received pass the necessary journal entries.

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