DK Goel Solutions ISC Q 6 Chapter 7 Company Accounts-Issue of Debentures Class 12 ISC [2023-24]

Agni Ltd. issued 10,000, 8% Debentures of ₹ 100 each payable as follows :

1. On Application ₹ 10 payable on 1st May 2022
2. On Allotment ₹ 20 payable on 1st July 2022
3. On First Call ₹ 30 payable on 1st October 2022
4. On Second & Final Call ₹ 40 payable on 1st February 2023

All the debentures were subscribed and allotted.

Debentureholder ‘A’ who was allotted 300 debentures, paid the amount of first and second & final call with allotment. Another debentureholder ‘B’ did not pay the first call on his 600 debentures which he paid alongwith second & final call.

As per Articles of Association interest on calls-in-advance is to be allowed @ 10% p.a. whereas interest on calls-in-arrears is to be charged @ 8% p.a.

Pass journal entries.