Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Question No 32 Chapter 2 - UNIMAX Class 12 Part 2 - 2021
On 1st April, 2021, Reetu Ltd. issued 20,000. 9% debenture of ₹100 each at a discount of 10% redeemable at par after 5 years. The issue price is payable along with application. The debentures were subscribed. It has a balance of ₹ 2,70,000 in Securities premium reserve.
Pass journal entries for issue of debenture and writing off the discount and prepare discount on issue of debenture account.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 2021 | |||||
| April 1 | Bank A/c | Dr. | 18,00,000 | ||
| To Debenture holder A/c | 18,00,000 | ||||
| (Being application money received for 20,000; 9% debentures) | |||||
| Debentures application & allotment A/c | Dr. | 18,00,000 | |||
| Discount on issue of debenture A/c | Dr. | 2,00,000 | |||
| To Debentures A/c | 20,000 | ||||
| (Being 20,000; 9% debenture of ₹ 100 each issue at 10% discount) | |||||
| 2022 | |||||
| March 31 | Securities premium reserve A/c | Dr. | 20,00,000 | ||
| To Discount on issue of debenture A/c | 20,00,000 | ||||
| (Being discount on issue of debenture written off) | |||||
DISCOUNT ON ISSUE OF DEBENTURES ACCOUNT
| Date | Particulars |
Dr. ₹ | Date | Particulars | CR. ₹ |
|---|---|---|---|---|---|
| 2021 | 2022 | ||||
| April 1 | To 9% Debentures A/c | 1,00,000 | March 31 | By Securities Premium Reserve A/c | 1,00,000 |
Thanks, Please Like and share with your friends
Comment if you have any Doubts.
https://tutorstips.com/share-capital-meaning-types-and-classes/
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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 32 Chapter 2 - UNIMAX Class 12 Part 2 - 2021", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax Publication Class 12 Part 2 - 2021.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question no 32 Chapter 2 - UNIMAX Class 12 Part 2 - 2021" instantly.
