On 1st February, 2022, Swadesh Ltd. issued to the public 12,000, 10% Debentures of ₹ 100 each at a discount of 3% payable:
₹ 20 on application. The balance on allotment being made on 1st May, 2022. The public applied for 20,000 debentures. Pro-rata allotment was made on 15,000 debentures. The debentures were to be redeemed at par after four years.
You are required to pass journal entries for the year 2021-2022.
,