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Question no 39 Chapter 2 - UNIMAX Class 12 Part 2 - 2021

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Question No 39 Chapter 2 - UNIMAX Class 12 Part 2 - 2021

Savita Ltd. issued 10,000, 8% debentures of ₹ 100 each at a discount of 20%. It had balance in Securities premium reserve of ₹ 1,20,000 and ₹ 20,000 in surplus, i.e., balance in statement of profit and loss. Profit for the year before writing off balance of discount on issue of debenture is ₹ 40,000.
Show the notes to Accounting writing off the Discount on issue of debenture.

The solution of Question 39 Chapter 2 of +2 Part-2: -

Note to Accounts

Particulars		₹	₹
1. Reserves and Surplus
Securities Premium Reserve
Opening Balance		1,20,000
Less: Discount on Issue of Debentures Written off		1,20,000
Surplus ,i.e., Balance in Statement of Profit and Loss
Opening Balance		20,000
Add : Profit for the year before writing off Discount on Issue of Debentures	40,000
Less: Balance Discount on Issue of Debentures	80,000	(40,000)	(20,000)
			(20,000)