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Illustration 7 ABC Ltd. issued 10,000, 13% debentures of 100 each payable, 30 on application and 70 on allotment. Applications were received for 14,000

Illustration 7 ABC Ltd. issued 10,000, 13% debentures of 100 each payable, 30 on application and 70 on allotment. Applications were received for 14,000 debentures. Applications for 9,000 debentures were accepted in full while applications for 2,000 debentures were allotted 1,000 debentures and the remaining applications were rejected. All the amounts were duly received. Pass journal entries.

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