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Question 9 Chapter 9 of +2-A
9. Iron Products Ltd. issued 5,000; 9% Debentures of ₹ 100 each at a premium of ₹ 40 payable as follows;
(i) ₹ 40, including a premium of ₹ 10 on applications;
(ii) ₹ 45, including a premium of ₹ 15 on allotment; and
(iii) Balance as first and final call. The issue was subscribed and allotment made. Calls were made and the due amount was received.
Pass Journal entries.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Bank A/c | Dr | 2,00,000 | |||
| To 9%Debenture application A/c | 2,00,000 | ||||
| (Being the application money received ) | |||||
| 9% Debenture application A/c | Dr | 2,00,000 | |||
| To 9% Debenture A/c | 1,50,000 | ||||
| To 9% Debenture allotment/c | 50,000 | ||||
| (Being application money transferred to equity share capital ) | |||||
| 9%Debenture allotment A/c | Dr | 2,25,000 | |||
| To 9%Debebture A/c | 1,50,000 | ||||
| To Securities Premium A/c | 75,000 | ||||
| (Being the allotment money due with security premium ) | |||||
| Bank A/c | Dr | 2,25,000 | |||
| To 9% Debenture Allotment A/c | 2,25,000 | ||||
| (Being application money transferred to equity share capital ) | |||||
| 9%Debenture First and final call A/c | Dr | 2,75,000 | |||
| To 9% Debenture A/c | 2,00,000 | ||||
| To Securities Premium A/c | 75,000 | ||||
| (Being the first and final call money due ) | |||||
| Bank A/c | Dr | 2,75,000 | |||
| To 9%Debenture first and final call A/c | 2,75,000 | ||||
| (Being first and final call 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 9 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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