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(Issue of debentures at discount) David Ltd. issued 10,000, 9% Debentures of $100 each at 5% discount, redeemable at par after five years, payable as

(Issue of debentures at discount) David Ltd. issued 10,000, 9% Debentures of $100 each at 5% discount, redeemable at par after five years, payable as $ 40 on application and the balance on allotment. The whole issue was subscribed and all money was duly received. Pass necessary journal entries in the books of David Ltd

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