(a) On 1st October, 2021 Pihu Ltd. issued 15,00,000, 9% Debentures of 20 each at a discount of 6 per debenture. The company had a balance of 1,00,000 in Securities Premium Reserve Account on the same date. On 31st March, 2022 the company decided to write off discount on issue of debentures according to the provisions of Companies Act, 2013.

 Pass necessary journal entries for issue of debentures and writing off discount on issue of debentures.

 (b) On 1st April, 2021, Soma Ltd. purchased land from Mona Ltd. Soma Ltd. issued a cheque of 10,00,000 and accepted a bill of exchange payable after 6 months for 5,00,000 in favour of Mona Ltd. The balance amount was paid by issuing 5,000, 10% Debentures of 100 each at par.

 Pass the necessary journal entries in the books of Soma Ltd. for the above transactions. 

 Marks-6, CBSE:2022-23/Zone-3/Set-1/Q-26

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