Ownclasses

X Ltd invited applications for issuing 500, 12 % debentures of ₹ 100 each at a discount of 5%. These debentures were redeemable after these years at par. Applications for 600 debentures were received. Pro-rata allotment was made to all the applications.
Pass necessary journal entries for the issue of debentures assuming that the whole amount was payable with application.

Answer
X Ltd invited applications for issuing 500, 12 % debentures of ₹&nbs