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

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

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.

The solution of Question 12 Chapter 2 of +2 Part-2: -

Journal
Books of XY Ltd.

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)

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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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