On 1st April, 2018, Moonlight Ltd. Issue...

On 1st April, 2018, Moonlight Ltd. Issued 1,000, 9% Debentures of â‚¹ 200 each at a discount of 5% redeemable after 5 yeaâ‚¹ at a premium of 10%. All the debentures were subscribed and allotment was made. The balance in Securities Premium Reserve is â‚¹ 10,000 Profit for the yeaâ‚¹ was â‚¹ 50,000.
Pass the Journal entries for issue of debentures and writing off the loss from Securities premium Reserve fiâ‚¹t and thereafter from profit for the year. Prepare the extract of the Balance Sheet as at 31st March, 2019.

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