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     EduGorilla 
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    ABC Ltd issued 5000 10% Debentures of ₹100 each payable as ₹40 on application and ₹60 on allotment. Applications were received for 6000 debentures. Applicants for 500 debentures were sent letter of regret and money was returned. Allotment was made proportionately to the remaining applicants. Over subscription was applied to the amount due on allotment. Give Journal entries for the above transactions for application money received

    Options :-

    1. Bank A/c                     Dr  500000
      To Debentures Application A/c  500000

    2. Bank A/c                 Dr  600000
      To Debentures Application A/c  600000

    3. Bank A/c              Dr  240000
      To Debentures Application A/c  240000

    4. Bank A/c            Dr  400000
      To Debentures Application A/c  400000

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Reply To: ABC Ltd issued 5000 10% Debentures of ₹100 each payable as ₹40 on application and ₹60 on allot….
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