Question - 25

A company issued 1,000, 6% debentures of Rs. 100 each at Rs. 105 per debentures payable as under Rs. 20 on application, Rs. 30 on allotment, Rs. 30 on 1st call and balance of Rs. 25 on 2nd call and final call one of the conditions of issue of debentures was that whole of the amount of debentures can be paid at the time of allotment of debentures and in this case interest @ 6% per annum will be paid by the company on the advance money received and this interest wil be paid on teh date of payment of last call holders of 100 debentures paid whole of the amount of debentures on allotment in accordance with this condition date of issue and allotment 1st Jan. 2012 date of 1st call. 1st March, 2012 and date of 2nd and final call 1st June, 2012 pass the necessary journal entries in the books of the company.

Note : Please purchase the book for looking question.