Question - 26

A ltd. company issued 20000 debentures of Rs. 100 each payable as Rs. 20 on application, Rs. 40 on allotment and rs. 40 on first and final call applications were received for 2,500 debentures assuming that the amount due received show necessary journal entries under the following conditions:

  1. when 500 debentures were rejected and application money returned.
  2. when application money of Rs. 500 debentures is adjusted to allotment.
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