6. Agni Ltd. issued 10,000, 8% Debentures of ₹100 each payable as follows:

On Application

payable on 1st May 2022

On Allotment

₹20

₹30

payable on 1st July 2022

On First Call

payable on 1st October 2022

On Second & Final Call

₹10

₹40

payable on 1st February 2023

All the debentures were subscribed and allotted.

Debentureholder 'A' who was allotted 300 debentures, paid the amount of first and

second & final call with allotment. Another debentureholder 'B' did not pay the first

call on his 600 debentures which he paid alongwith second & final call.

As per Articles of Association interest on calls-in-advance is to be allowed @ 10% p.a. whereas interest on calls-in-arrears is to be charged @ 8% p.a.

Pass journal entries.

[Ans. Interest on Calis-in-Advance ₹925; Interest on Calls-in-Arrears

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