Question no 09 Chapter 3 - UNIMAX Class 12 Part 2 - 2021

Question No  09 Chapter 3 - UNIMAX  Class 12 Part 2 - 2021

Pooja Ltd. (an unlisted company) issued 3,000, 10% debenture of ₹1,000 each at par on 1st April, 2020 redeemable in three equal half yearly instalments by draw of lots beginning 30th sept. 2021. The company complied with the requirements of the companies Act, 2013 with respect to debenture redemption reserve.
Pass the journal entries assuming the investment was in cashed each time the debentures were redeemed. (Ignore interest.)

The solution of Question 09 Chapter 3 of +2 Part-2: -

Journal
 Books of Pooja Ltd.

Date	Particulars		L.F.	Debit	Credit
2020
April 1	Bank A/c	Dr.		30,00,000
	To Debenture application A/c				30,00,000
	(Being the debenture applications received for 3,000 debenture @ ₹ 1,000 Per debenture)
April 1	Debenture Application A/c	Dr.		30,00,000
	To Debenture A/c				30,00,000
	(Being the 10% debenture allotted)
2021 March 31	Surplus is statement in Profit & Loss A/c	Dr.		3,00,000
	To Debenture redemption reserve A/c				3,00,000
	(Being 25% value of the debenture issued transfer to DRR)
April 30	Debenture redemption investment A/c	Dr.		3,00,000
	To Bank A/c				3,00,000
	(Being investment equal to 15% of the amount of debenture to redeem 15% of ₹ 20,00,000)
Sept. 30	Bank A/c	Dr.		1,50,000
	To Debenture redemption investment A/c				1,50,000
	(Being the half value of investments encashed before redeem of 1st lot of debentures)
Sept. 30	Debenture A/c	Dr.		10,00,000
	To Debenture holder A/c				10,00,000
	(Being the first lot.1/3 debenture become due for redemption)
Sept.30	Debenture holder A/c	Dr.		10,00,000
	To Bank A/c				10,00,000
	(Being payment to debenture holder)
	Debenture Redemption Reserve A/c	Dr.		1,00,000
	To General reserve A/c				1,00,000
	(Being transfer of proportional amount of DRR to GR)
2022 March 31	Bank A/c	Dr.		1,50,000
	To Debenture Redemption investment A/c				1,50,000
	(Being debenture redemption reserve transferred to general reserve)
March 31	Interest received A/c	Dr.		9,600
	To Statement of Profit & Loss A/c				9,600
	(Being transfer of interest on investment)

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Usha Publication - Accountancy PSEB (Class 12) - Volume I - Solution

• Chapter No. 1 – Accounting Not for Profit Organisations
• Chapter No. 2 – Partnership Accounts – I (Introduction)
• Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
• Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
• Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
• Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
• Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
• Chapter No. 8 – Company Accounts (Share Capital)
• Chapter No. 9 – Company Accounts (Issue of Debentures)
• Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication - Accountancy PSEB (Class 12) - Volume II - Solution

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

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