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Question 12 Chapter 9 of +2-Part-1
12. (Oversubscription/ Pro-rata allotment) Sadhna issued 5,000 9% debentures of ₹ 100 each on the following terms:
| ₹ 30 | on application |
| ₹ 20 | on allotment |
| ₹ 30 | on 1st call. |
| ₹ 20 | on final call. |
The public applied for 6,000 debentures. Applications for 4,000 debentures were accept full. Applications for 1,500 debentures were allotted 1,000 debentures and application500 debentures were rejected.
Pass necessary journal entries
Journal
| Date | Particulars |
L.F. | Debit ₹ | Credit ₹ | |
|---|---|---|---|---|---|
| Bank A/c | Dr. | 1,80,000 | |||
| To Debenture Application A/c | 1,80,000 | ||||
| (Being app. Money received on 6,000 debenture 2 Rs, 30 per share ) | |||||
| Debenture Application A/c | Dr. | 1,65,000 | |||
| To 9 % Debenture A/c | 1,50,000 | ||||
| To Bank A/c | 15,000 | ||||
| (Being transfer of app. Money on 5,000 debentures & refund of amount on 500 debentures ) | |||||
| Debenture Allotment A/c | Dr. | 1,00,000 | |||
| To 9 % Debentures A/c | 1,00,000 | ||||
| (Being allotment due on 5,000 debentures @ Rs.30 per debenture ) | |||||
| Bank A/c | Dr. | 85,000 | |||
| Debenture Application A/c | Dr. | 15,000 | |||
| To Debenture Allotment A/c | 1,00,000 | ||||
| (Being allotment money received & surplus application money on debentures credited to allotment A/c ) | |||||
| Debenture First & Final Call A/c | Dr. | 1,50,000 | |||
| To 9% Debenture A/c | 1,50,000 | ||||
| (Being first call money due) | |||||
| Bank A/c | Dr. | 1,50,000 | |||
| To Debenture first & final call A/c | 1,50,000 | ||||
| (Being first call money received ) | |||||
| Debenture Final Call A/c | Dr. | 1,00,000 | |||
| To 9% Debenture A/c | 1,00,000 | ||||
| (Being final call money due ) | |||||
| Bank A/c | Dr. | 1,00,000 | |||
| To Debenture final call A/c | 1,00,000 | ||||
| (Being final call money received ) | |||||
It all about Question 12 Chapter 9 of +2-Part-1, If you have any problem please comment below.
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 12 Chapter 9 of +2-Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter No. 9 - Company Accounts (Issue of Debentures).
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 12 Chapter 9 of +2-Part-1 - USHA Publication 12 Class Part - 1" instantly.
24 September 2021
25 September 2021
