Atridatta Company Limited issued 10,000, 10% debentures of ₹ 100 each on 01.04.2024 at a discount of 10% and redeemable at a premium of 10%.
Pass journal entries relating to the issue of debentures and debenture interest for the period ending 31.03.2025 assuming that interest is paid half yearly on \(30^{\text{th}}\) September and \(31^{\text{st}}\) March, tax deducted at source is 10%.

Question

Supreme Company Limited issued 10,000 equity shares of ₹ 100 each at a premium of ₹ 10 per share. The amount payable is as follows :
On application ₹ 20
On allotment ₹ 50 (including premium)
On first and final call ₹ 40.
All the shares were subscribed and money duly received except the first and final call on 500 shares.
The directors forfeited these shares and re-issued them as fully paid-up at ₹ 80 per share.
Pass the necessary journal entries regarding issue, forfeiture and re-issue of shares.

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