Suzlon Ltd. issued on 1st July, 2022, 20,000, 7% Debentures of ₹ 100 each for subscription at 10% premium payable ₹ 40 on application; ₹ 40 (including premium) on allotment and balance on first and final call. The debentures were subscribed and allotted. The company has not made first and final call during the year ended 31st March, 2023. Interest was payable on 31st March each year.
Pass the Journal entry for issue of debentures and interest for the year ended 31st March, 2023 and transfer the interest to Statement of Profit & Loss.
[Ans.: Interest – ₹ 73,500.]