170 Corporate AccountingPractical Questions :1. On 1st January, 2011 Chacha Ltd., issued 20,000 9% Debentures of 10payable $20 on application 50 on allotment and the balance on first and finala15th February, 2011, Company received applications for 40,000 debentures, the monewhich deposited with the Punjab National Bank Ltd. On 20th February, 2011, theof Directors of the company allotted the debentures in the following manner :-Debentures applied forDebentures allotted No, of debentualapplied forLess than 1,000Nil5,0001,000 and above but less than 5,0002,0004,0005,000 and above but less than 10,0008,0009,000| 10,000 and above but less than 20,00010,00022,000A person to whom 1,200 debentures were allotted, paid the entire moneyallotment. On 31st March, 2011, the first and final call was made the amountwas received by 15th April, 2011. Make necessary Journal entries of theassuming that the whole amount is received.(Ans. Bank Balance 2000000​