Good Blankets Ltd.'are the manufacture₹ of woollen blankets. Blankets of the company are exported to many countries. The company decided to employ 100 youth from nearby villages in their newly established factory in the state. To meet the requirements of funds for starting its new factory, the company issued 50,000 equity shares of ₹ 10 each at par and 2,000, 8% Debentures of ₹ 100 each to the vendo₹ of machinery purchased for ₹ 7,00,000.
Pass necessary Journal entries for the above transctions in the books of the company .

Explanation