Question no 24 Chapter 2- Class 12 Part 2 Unimax

Question no 24 Chapter 2- Class 12 Part 2 Unimax

On 1.1.2022 fast computer Ltd. issued 20,00,000, 6% debentures of ₹ 100 each at a discount of 4%, redeemable at a premium of 5% after three years. The amount was payable as follows:
On application ₹ 50 per debenture.
Balance on allotment.
Record the necessary journal entries for issue of debentures.

The solution of Question 24 Chapter 2 of +2 Part-2: -

Journal

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		10,00,000
	To Debenture application A/c				10,00,000
	(Being application on 20,00,000, 6% debenture received @ ₹ 50)
	Debenture application A/c	Dr.		10,00,000
	To Debenture A/c				10,00,000
	(Being application a/c transferred to 6% debenture a/c)
	Debenture allotment A/c	Dr.		9,20,00,000
	Loss on issue of debenture A/c	Dr.		1,80,00,000
	To Debentures A/c				10,00,000
	To Premium on red of debenture A/c				1,00,00,000
	(Being allotment money due on 20lakh debenture @ of 50 at discount 5%)
	Bank A/c	Dr.		9,20,00,000
	To Debenture allotment A/c				9,20,00,000
	(Being allotment money received)