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Question 7 Chapter 9 of +2-A
7. Vijay Laxmi Ltd. invited applications for 10,000; 12% Debentures of ₹ 100 each at a premium of ₹ 70 per debenture. The full amount was payable on application. Applications were received for 13,500 debentures. Applications for 3,500 debentures were rejected and application money was refunded. Debentures were allotted to the remaining applications.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Bank A/c | Dr | 14,00,000 | |||
| To 10%Debenture application A/c | 14,00,000 | ||||
| (Being the application money received ) | |||||
| 10% Debenture application A/c | Dr | 14,00,000 | |||
| To 10% Debenture A/c | 14,00,000 | ||||
| (Being application money transferred to equity share capital ) | |||||
| 10%Debenture allotment A/c | Dr | 24,50,000 | |||
| Loss on issue Of Debenture A/c | Dr | 3,50,000 | |||
| To 10%Debebture A/c | 21,00,000 | ||||
| To Securities Premium A/c | 3,50,000 | ||||
| To Premium on redemption of Debenture A/c | 3,50,000 | ||||
| (Being the first call money due ) | |||||
| Bank A/c | Dr | 24,50,000 | |||
| To 10% Debenture Allotment A/c | 24,50,000 | ||||
| (Being allotment money received ) | |||||
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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 7 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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