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Question 30 Chapter 10 of +2-Part-1
30. (Purchased own debentures for immediate cancellation) On 1st Jan., 2015, Satish Ltd. had 1,000 12 % Debentures of Rs. 100 each. Interest on debentures is payable half yearly on 30th June and 31st December. On 1st July 2015, the company purchased 300 own debentures at Rs. 93 for immediate cancellation. Record the necessary Journal Entries on the date of purchase. Ignore DRR & DRI.
Journal
| Date | Particulars |
L.F. | Debit ₹ | Credit ₹ | |
|---|---|---|---|---|---|
| 2015 | |||||
| May. 31 | Own Debentures A/c | Dr. | |||
| Interest on Debenture A/c | Dr. | ||||
| To Bank A/c | 29,700 | ||||
| (Being own debentures purchased ex-interested) | |||||
It all about Question 30 Chapter 10 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 30 Chapter 10 of +2-Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
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