Question no 38 Chapter 2 - UNIMAX Class 12 Part 2 - 2021

Question No  38 Chapter 2 - UNIMAX  Class 12 Part 2 - 2021

On 1^st April, 2021, Ashok Ltd. issued 5,000, 6% debenture of ₹ 700 each at a premium of 5% and redeemable at a premium of 10% after 5 years. According to the terms of issue ₹ 280 was payable on application and balance on allotment. Record necessary entries regarding issue of debenture and writing off loss on issue of debentures.

The solution of Question 38 Chapter 2 of +2 Part-2: -

Journal

Date	Particulars		L.F.	Debit	Credit
2021
April 1	Bank A/c	Dr.		14,00,000
	To Debenture Application A/c				14,00,000
	(Being application money received on 5,000 debenture @ ₹ 280 each)
April 1	Debenture Application A/c	Dr.		14,00,000
	To Debenture A/c				14,00,000
	(Being application money adjusted)
April 1	Debenture allotment A/c	Dr.		22,75,000
	Loss on issue of debentures A/c	Dr.		3,50,000
	To Debenture A/c				21,00,000
	To Premium on Redemption A/c				3,50,000
	To Securities premium reserve A/c				1,75,000
	(Being allotment money due on 5,000 debenture @ ₹ 455 per debenture including premium of ₹ 35 each and redeemable at 10% premium)
April 1	Bank A/c	Dr.		22,75,000
	To Debenture allotment A/c				22,75,000
	(Being allotment money received)
2022
March 31	Securities premium reserve A/c	Dr.		1,75,000
	Statement of Profit & Loss A/c	Dr.		1,75,000
	To Loss on issue of debenture A/c				3,50,000
	(Being loss on issue of debenture written off)

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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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