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Question 3 Chapter 9 of Class 12 Part – 2 – 2024
3. (Issue at Premium) Atlas Ltd. Issue 5,000, 12% Debentures of ₹ 100 each at 10% premium, redeemable at par after 5 years, payable as ₹ 60 an application and the balance on allotment Debentures were fully subscribed and all money was duly received.
Prepare Journal and the Balance Sheet when premium money has been called up (a) on application (b) on the allotment.
We are providing a solution of Question 3 Chapter 9 of Class 12 Part – 2 – 2024 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 1 to 4 Chapter no. 9 class 12 of Usha publication. To check the direct solution of question no. 3 from the following video by using time stamps of the video.
(a) When the premium is received on the application
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Bank A/c (5,000X 60) | Dr. | 3,00,000 | |||
| To 12 % Debenture Application A/c | 3,00,000 | ||||
| (Being app. Money received ) | |||||
| 12 % Debenture Application A/c | Dr. | 3,00,000 | |||
| To 12% Debenture A/c | 2,50,000 | ||||
| To Securities Premium Reserve A/c | 50,000 | ||||
| (Being 5,000 debenture allotted ) | |||||
| 12 % Debenture Allotment A/c | Dr. | 2,50,000 | |||
| To 12% Debenture A/c | 2,50,000 | ||||
| (Being 5,000 debentures allotment due @ Rs, 50 ) | |||||
| Bank A/c | Dr. | 2,50,000 | |||
| To 12 % Debenture Allotment A/c | 2,50,000 | ||||
| (Being allotment money received ) | |||||
(b) When the premium is received on the allotment
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Bank A/c (5,000X 60) | Dr. | 3,00,000 | |||
| To 12 % Debenture allotment A/c | 3,00,000 | ||||
| (Being all. Money received ) | |||||
| 12 % Debenture Application A/c | Dr. | 2,50,000 | |||
| To 12% Debenture A/c | 2,50,000 | ||||
| (Being 5,000 debenture allotted ) | |||||
| 12 % Debenture Allotment A/c | Dr. | 3,00,000 | |||
| To 12% Debenture A/c | 2,50,000 | ||||
| To Securities Premium Reserve A/c | 50,000 | ||||
| (Being 5,000 debentures allotment due) | |||||
| Bank A/c | Dr. | 3,00,000 | |||
| To 12 % Debenture Allotment A/c | 3,00,000 | ||||
| (Being allotment money received ) | |||||
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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