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Question 34 Chapter 9 of +2-A
34. Footfall Ltd. issues 10,000 Debentures of 100 each at a discount of 10% redeemable at a premium of 5% after the expiry of three years.
Pass Journal entries for the issue of these debentures.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Bank A/c | Dr | 9,00,000 | |||
| To Debenture Application/c | 9,00,000 | ||||
| (Being Debenture application Received) | |||||
| Debenture application A/c | Dr | 9,00,000 | |||
| Debenture application A/c | Dr | 1,00,000 | |||
| To Debenture Application/c | Dr | 50,000 | |||
| To 12% Application A/c | 10,00,000 | ||||
| To Debenture Application A/c | 50,000 | ||||
| (Being 10,000 Debenture of Rs 100 each issued at debenture ) | |||||
| Bank A/c | Dr | 10,00,000 | |||
| Premium on Redemption A/c | Dr | 50,000 | |||
| To Debenture Application/c | 10,50,000 | ||||
| (Being amount due for redemption on paid to premium redemption ) | |||||
| Debenture Holder’s A/c | Dr | 10,50,000 | |||
| To Bank A/c | 10,50,000 | ||||
| (Being amount due for re redemption to debenture holders ) | |||||
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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 34 Chapter 9 of +2-A - T.S. Grewal 12 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to T.S. Grewal 12 Class Book Keeping Part - A - Vol. 2.
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