Please solve question what will be the amount of firdt call an how it came ?
Dear Student,
It seems that you have doubt in first call only. So, hereunder is the journal entry for the same:-
Working Note :-
As Debenture was issued at the discount of 10%. Therefore, Debentures will now be of Rs. 90 each (i.e., 100 - 10%).
From Rs.90, Rs.25 + Rs.25 = Rs. 50 was called on application and allotment. Now the money left to be called on first call is Rs.40 (i.e., 90- 50).
Henceforth, the first call is made for Rs.40 x 2000 debentures = 80,000.
Hope this helps you to understand the concept!
Regards
It seems that you have doubt in first call only. So, hereunder is the journal entry for the same:-
| Date | Particulars | L.F | Debit | Credit |
| Debenture First and Final call A/c Dr. (2000 x 40) | 80,000 | |||
| To 15% Debentures A/c | 80,000 | |||
| (Being first call made due.) | ||||
| Bank A/c Dr. | 80,000 | |||
| To Debenture First and Final call A/c | 80,000 | |||
| (Being First call money received.) |
Working Note :-
As Debenture was issued at the discount of 10%. Therefore, Debentures will now be of Rs. 90 each (i.e., 100 - 10%).
From Rs.90, Rs.25 + Rs.25 = Rs. 50 was called on application and allotment. Now the money left to be called on first call is Rs.40 (i.e., 90- 50).
Henceforth, the first call is made for Rs.40 x 2000 debentures = 80,000.
Hope this helps you to understand the concept!
Regards