On 1st April, 2022, Helloix Ltd. issued 10,000, 7% Debentures of Rs. 500 each at a premium of 10%, redeemable at a premium of 5% after five years. The company had a balance of Rs. 1,50,000 in the Securities Premium Account before the issue. 

(a) Pass necessary journal entries for issue of debentures and for Loss on I utilising Securities Premium Account at the end of the first year itself. 

(b) Prepare oss on Issue of Debentures Account for the year ended 31st March, 2023. 

Marks-6, CBSE: 2023-24/Zone-3/Set-1/Q-24