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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question 17 Chapter 9 of +2-A
17. Deepak Ltd purchased furniture of ₹ 2,20,000 from M/s. Furniture Mart. 50% of the amount was paid to M/s. Furniture Mart by accepting a Bill of Exchanged and for the balance the company issued 9% Debenture of ₹ 100 each at a premium of 10% in favour of M/s. Furniture Mart. Pass Journal entries in the books of Deepak Ltd.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Furniture A/c | Dr | 1,35,000 | |||
| To Furniture Mart A/c | 1,35,000 | ||||
| (Being asset purchased ) | |||||
| Furniture Mart A/c | Dr | 1,10,000 | |||
| To Bills Payable A/c | 1,10,000 | ||||
| (Being B.P received) | |||||
| Vendor A/c | Dr | 1,10,000 | |||
| To 9%Debenture A/c | 1,00,000 | ||||
| To securities premium A/c | 10,000 | ||||
| (Being Debenture Issued) | |||||
Working Note
| No of Debenture to be issued | = | Purchase consideration | = | 1,10,000 | = | =1,000 shares |
| Issue price | 110 |
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Machine A/c | Dr | 1,35,000 | |||
| To Vendor A/c | 1,35,000 | ||||
| (Being asset purchased ) | |||||
| Vendor A/c | Dr | 1,35,000 | |||
| Discount on Issue of Debenture A/c | Dr | 15,000 | |||
| To 6%Debenture A/c | 1,50,000 | ||||
| (Being Debenture Issued) | |||||
Working Note
| No of Debenture to be issued | = | Purchase consideration | = | 1,35,000 | = | 1,500 shares |
| Issue price | 90 |
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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.
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