A company issued 10,000 debentures of Rs.100 each for subscription. The debenture moneys are payable as follows: Rs.30 on application, Rs.40 on allotment, Rs.20 on first call and Rs.10 on second call.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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A company issued 10,000 debentures of Rs.100 each for subscription. The debenture moneys are payable as follows:

Rs.30 on application, Rs.40 on allotment, Rs.20 on first call and Rs.10 on second call. A person who holds 200 debentures fails to pay the amount due at the time of allotment. He, however, pays this amount with the first call money. Another person who holding 400 debentures, has paid all the calls in advance at the time of allotment. Give journal entries in the books of the company including the entries of each transaction.

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