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Make journal entries to record the issue of the debenture

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Megan Ltd offers $200 million of debentures, which is payable on application. The Interest rate on debentures is 7% per annum, payable annually. By 15 March 2018, application is received for $280 million debenture. The debentures are allotted on 1 April 2018, which coincides with Megan Ltd's financial year-end. Additional debenture application money is returned on 1 April 2018.

Required:

Question 1: Make the journal entries to record the issue of the debenture on 1 April 2018, and annual interest payments on 31st March, 2019.

Reference no: EM132499659

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