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Question no 12 Chapter 2- Class 12 Part 2 Unimax
XY Ltd. purchased machinery for ₹ 2,97,000 from AB Ltd. The payment was made by issue of 9% debentures of ₹ 100 each. Pass necessary journal entries for the purchase of machinery and issue for debenture when.
(1) Debentures are issued at par
(2) Debenture are issued at 10% discount
(3) Debenture are issued at 10% premium.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Machinery | Dr. | 2,97,000 | |||
| To ABC Ltd A/c | 2,97,000 | ||||
| (Being Machinery purchased) | |||||
| Case 1 | Vendor’s A/c | Dr. | 2,97,000 | ||
| To Debenture A/c | 2,97,000 | ||||
| (Being 2970 debenture issued to Vendor @ ₹ 100 each) | |||||
| Case 2 | Vendor’s A/c | Dr. | 2,97,000 | ||
| Discount on issue of debenture A/c | Dr. | 33,000 | |||
| To Debenture A/c | 3,30,000 | ||||
| (Being 3300 debenture issued to vendor at a discount of 10%) | |||||
| Case 3 | Vendors A/c | Dr. | 2,97,000 | ||
| To Debenture A/c | 2,70,000 | ||||
| To Securities premium A/c | 27,000 | ||||
| (Being 2700 debenture issued @ ₹ 100 each with 10% premium) | |||||
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 no 12 Chapter 2- Class 12 Part 2 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax Accountancy Class 12 Part 2 - 2023.
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