question_answer

Zen Ltd invited applications for issuing 1,000, 12% debentures of Rs. 100 each at a discount of 5%. These debentures were redeemable after three years at par. Applications for 1,200 debentures were received. Pro-rata allotment was made to all the applicants. Pass necessary journal entries for the issue of debentures assuming that the whole amount was payable with application.

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