S. Singh Limited obtained a loan of ₹ 5,00,000 from State Bank of India @ 10% interest. The company issued ₹ 7,50,000, 10% debentures of ₹ 100 each, in favour of State Bank of India as collateral security
S. Singh Limited obtained a loan of ₹ 5,00,000 from State Bank of India @ 10% interest. The company issued ₹ 7,50,000, 10% debentures of ₹ 100 each, in favour of State Bank of India as collateral security. Pass necessary journal entries for the above transactions:
(i) When company decided not to record the issue of 10% Debentures as collateral security.
(ii) When company decided to record the issue of 10% Debentures as collateral security.
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