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Intex Ltd . Issued 10,000, 10% Debentur...

Intex Ltd . Issued 10,000, 10% Debentures of ₹ 100 each at a primium of 10%, Payable along with application. Application were received for all the debentures issued and allotment was made. Pass the Journal enteries.

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important notes
1. When amount is payable in liump sum, the amount received on application is credited to 'Debentures Application and Allotment Account'.
2. When amount is payable in instalments, the amount received on application is credited to 'Debentures Application Account '.
3. The amount of Premium is presumed to be demanded along with allotment, it not stated otherwise.
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