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Question 15 Chapter 10 of Class 12 Part – 2 – 2024
15. On 1st April, 2016 Maharana Ltd., an unlisted Co., issued Z 18,00,000, 8% debentures of Z 100 each. The debentures are redeemable at a premium of 5%. On 31st March, 2019, all the debentures were redeemed.
Pass necessary journal entries for the redemption is debentures.
We are providing a solution of Question 15 Chapter 10 of Class 12 Part – 2 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:
The video consists solution of question numbers from 11 to 15 Chapter no. 10 class 12 of Usha publication. To check the direct solution of question no. 15 from the following video by using time stamps of the video.
In the Books of Maharana Ltd.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 30/4/18 | Debenture Redemption Investment A/c | Dr. | 2,70,000 | ||
| To Bank A/c | 2,70,000 | ||||
| (Being amount invested for DRI on ₹ 18,00,000 @ 15%) | |||||
| 31/3/19 | Statement of Profit & Loss A/c | Dr. | 1,80,000 | ||
| To Debenture Redemption Reserve A/c | 1,80,000 | ||||
| (Being DRR @ 10% of Debentures ₹ 18,00,000 created) | |||||
| 31/3/19 | 8% Debentures A/c | Dr. | 18,00,000 | ||
| Premium on Redemption A/c | Dr. | 90,000 | |||
| To Debentureholders A/c | 18,90,000 | ||||
| (Being amount due to debentureholders) | |||||
| Bank A/c | Dr. | 2,70,000 | |||
| To Debenture Redemption Investment A/c | 2,70,000 | ||||
| (Being investment encashed) | |||||
| Debentureholders A/c | Dr. | 18,90,000 | |||
| To Bank A/c | 18,90,000 | ||||
| (Being debentureholders paid off) | |||||
| Debenture Redemption Reserve A/c | Dr. | 1,80,000 | |||
| To General Reserve A/c | 1,80,000 | ||||
| (Being DRR transferred to General Reserve A/c) | |||||
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.
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