Question 49 Chapter 9 of +2-A - T.S. Grewal 12 Class

Question 49 Chapter 9 of +2-A

49. On 1st April 2015. Mathew Ltd. issued 10,000, 9% Debentures of 􀀀 100 each at a discount of 5%, redeemable at a premium of 5%. These debentures were redeemable as follows:
On 31st March 2016 2,000
Debentures;
On 31st March 2017 5,000
Debentures;
On 31st March 2018 3,000
Debentures.
Prepare the Loss on Issue of Debentures Account, Debentures Account and Premium on Redemption of Debentures Account for three years.

The solution of Question 49 Chapter 9 of +2-A: - 

 

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr		9,50,000
	To Debenture Application and Allotment A/c				9,50,000
	(Being application and allotment money received foe 9%Debenture )
	Debenture Application and Allotment A/c	Dr		9,50,000
	Loss on the issue of Debenture A/c	Dr		1,00,000
	To 9% Debenture A/c				9,00,000
	To Premium on Redemption of Debenture A/c				50,000
	(Being 9% Debenture issued at a discount and redeemable at a premium )

 

 

	9% Debenture A/c
Date	Particulars	J.F.	Amount	Date	Particulars		J.F.	Amount
31 Mar 2016	To Debenture holders a/c		2,00,000	1 April 2015	By debenture Application and Allotment a/c			9,50,000
	To Debenture holders a/c		8,00,000		By Loss on the issue of Debenture a/c			50,000
			10,00,000					10,00,000

 

 

	9% Debenture A/c
Date	Particulars	J.F.	Amount	Date	Particulars		J.F.	Amount
31 Mar 2016	To Debenture holders a/c		5,00,000	1 April 2015	By debenture Application and Allotment a/c			8,00,000
	To Debenture holders a/c		3,00,000
			8,00,000					8,00,000

 

 

	9% Debenture A/c
Date	Particulars	J.F.	Amount	Date	Particulars		J.F.	Amount
31 Mar 2016	To Debenture holders a/c		3,00,000	1 April 2015	By Balance b/d a/c			3,00,000
			3,00,000					3,00,000

 

 

	Loss on the issue of Debenture A/c
Date	Particulars	J.F.	Amount	Date	Particulars		J.F.	Amount
31 Mar 2016	To 9% Debenture a/c		1,00,000	1 April 2015	By statement of Profit and Loss a/c			1,00,000
			1,00,000					1,00,000

 

 

	Loss on the issue of Debenture A/c
Date	Particulars	J.F.	Amount	Date	Particulars		J.F.	Amount
31 Mar 2016	To Debenture Holder a/c		10,000	1 April 2015	By Loss on the issue on Debenture a/c			50,000
	To Balance c/d		40,000
			50,000					50,000

 

 

	Loss on the issue of Debenture A/c
Date	Particulars	J.F.	Amount	Date	Particulars		J.F.	Amount
31 Mar 2016	To Debenture holders a/c		25,000	1 April 2016	By Balance b/d			40,000
	To Balance c/d		15,000		By Loss on the issue of Debenture a/c			50,000
			40,000					40,000

 

 

	Loss on the issue of Debenture A/c
Date	Particulars	J.F.	Amount	Date	Particulars		J.F.	Amount
31 March 2018	To Debenture holders a/c		15,000	1 April 2017	By Balance b/d			15,000
			15,000					15,000

 

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Also, Check out the solved question of previous Chapters: -

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication