i) Anand Ltd. purchased machinery worth 3,15,000 from Mahima Ltd. The payment was made by issue of 10% debentures of 100 each issued at a discount of 10%.

Pass the necessary journal entries for purchase of machinery and debentures in the books of Anand Ltd. 

ii) Manas Ltd. issued 10,000, 7% debentures of 100 each at a premium of 10% redeemable at a premium of 10% after 6 years.

Pass the necessary journal entries in the books of Manas Ltd. regarding issue of debentures.

Marks-6, CBSE:2020-21/Compartment/Q-20

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