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Q1: Y ltd. Issued 1,000, 11% debentures of $100 each at a discount of 10% on 1st march 2017, payable on the following terms: on

Q1: Y ltd. Issued 1,000, 11% debentures of $100 each at a discount of 10% on 1st march 2017, payable on the following terms: on application $60 (after adjusting discount) on allotment $20 and on call $10. The issue was fully subscribed and all money was received in full. Pass necessary journal entries

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