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Question No 2 Chapter 2 - UNIMAX Class 12 Part 2 - 2021
XYZ Limited issued 10,000, 10% debentures of ₹ 100 each at a premium of ₹ 5 per debenture, payable as follows:
On application ₹ 40 (including premium)
On allotment ₹ 65
All debentures were subscribed for and the money was duly received. Pass necessary journal entries to record the above of debentures.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Bank A/c | Dr. | 4,00,000 | |||
| To Debenture application A/c | 4,00,000 | ||||
| (Being application money received on 10,000 debenture @ ₹ 40 including premium @ ₹ 5 per share) | |||||
| Debenture Application A/c | Dr. | 4,00,000 | |||
| To Debenture A/c | 3,50,000 | ||||
| To Securities premium A/c | 50,000 | ||||
| (Being application money transferred to 10% debentures a/c and securities premium a/c) | |||||
| Debenture Allotment A/c | Dr. | 6,50,000 | |||
| To Debentures A/c | 6,50,000 | ||||
| (Being allotment money due on 10,000 share @ ₹ 65 per share) | |||||
| Bank A/c | Dr. | 6,50,000 | |||
| To Debenture allotment A/c | 6,50,000 | ||||
| (being allotment money received on 10,000 debenture @ ₹ 65 per shares) | |||||
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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.
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