8 :- Nikki Ltd. Issued 10,000, 7% Debentures of Rs 100 each at premium of Rs 20 per debenture. Issue price was payable as follows: Rs 40 on application, Rs 50 (including premium) on allotment and balance on first and final call. It received Rs 4,00,000 as application money. On allotment due amount was received. First and final call is yet to be made.
Solution :-
