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Question 29 Chapter 9 of +2-Part-1
29. (Various Cases of Redemption) Journalise the following transactions: The face value of debenture is Rs. 1,000.
40 debentures issued at Rs. 950 each, repayable at Rs. 1,000 each.
(ii) 40 debentures issued at RS. 950 each, repayable at Rs. 1,050 each.
(iii) 40 debentures issued at Rs. 1000 each, repayable at Rs. 1,050 each.
(iv) 40 debentures issued at Rs. 1,050 each, repayable at Rs. 1,000 each.
Journal
| Date | Particulars |
L.F. | Debit ₹ | Credit ₹ | |
|---|---|---|---|---|---|
| i | Bank A/c (40 X950) | Dr. | 38,000 | ||
| To Debenture Application & allotment A/c | 38,000 | ||||
| (Being app. Money received) | |||||
| ii | Debenture Application & Allotment A/c (40 X950) | Dr. | 38,000 | ||
| Discount on issue of Debentures A/c(40 X50) | Dr. | 2,000 | |||
| To Debenture A/c | 40,000 | ||||
| (Being issue of 40 debentures at a discount of ₹ 50 per debenture) | |||||
| iii | Bank A/c (40 X ₹ 950) | Dr. | 38,000 | ||
| To Debenture Application & Allotment A/c | 38,000 | ||||
| (Being Application Money received) | |||||
| iv | Debenture Application & Allotment A/c | Dr. | 38,000 | ||
| Loss on issue of Debentures A/c | Dr. | 4,000 | |||
| To Debenture A/c(40 X1000) | 40,000 | ||||
| To Premium on redemption of debentures A/c (40 X50) | 2,000 | ||||
| (Being issue of debentures at par repayable at premium) | |||||
| v | Bank A/c (40 X 1000) | Dr. | 40,000 | ||
| To Debenture Application & Allotment A/c | 40,000 | ||||
| (Being receipt debentures app. Money) | |||||
| vi | Debenture Application & Allotment A/c | Dr. | 40,000 | ||
| Loss on issue of Debentures A/c | 2,000 | ||||
| To Debenture A/c (40 X1000) | 40,000 | ||||
| To Premium on redemption of debentures A/c(40 X50) | 2,000 | ||||
| (Being issue of debentures at discount repayable at premium ) | |||||
| vii | Bank A/c (40 X 1050) | Dr. | 42,000 | ||
| To Debenture Application & Allotment A/c | 42,000 | ||||
| (Being Application Money received) | |||||
| viii | Debenture Application & Allotment A/c | Dr. | 42,000 | ||
| To Debenture A/c (40 X1000) | 40,000 | ||||
| To Securities Premium A/c(40 X 50) | 2,000 | ||||
| (Being issue debentures at redeemable at premium at par) | |||||
It all about Question 29 Chapter 9 of +2-Part-1, If you have any problem please comment below.
https://tutorstips.com/issue-of-debentures-from-the-point-of-view-of-redemption/
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 29 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 29 Chapter 9 of +2-Part-1 - USHA Publication 12 Class Part - 1" instantly.
