Question no 7 Chapter 2 - UNIMAX Class 12 Part 2 - 2021

Question No  7 Chapter 2 - UNIMAX  Class 12 Part 2 - 2021

A Limited company made an issue of 10,000, 14% debentures of ₹ 100 each at 5 % discount, which was fully subscribed. The debentures were allotted on 31st July, 2022 subscription being payable 10% on application, 40% on allotment 25% on first call on 30th September, 2022 and the balance on 30th November, 2022.

The solution of Question 7 Chapter 2 of +2 Part-2: -

Journal

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		1,00,000
	To Debenture application A/c				1,00,000
	(Being application money received on 10,000 @ ₹ 10 per debenture)
	Debenture Application A/c	Dr.		1,00,000
	To Debenture A/c				1,00,000
	(Being debenture application money transferred to 14% debenture a/c)
31.7.22	Debenture Allotment A/c	Dr.		4,00,000
	Discount on issue of debenture A/c	Dr.		50,000
	To Debentures A/c				4,50,000
	(Being allotment money due on 10,000 debenture @ ₹ 45 per debenture at a discount of ₹ 5 per debenture)
31.7.22	Bank A/c	Dr.		4,22,500
	To Debenture allotment A/c				4,00,000
	To Calls in advance A/c				22,500
	(Being the allotment money received and advance amount received on 500 debenture @ ₹ 45)
31.9.22	Debenture first call A/c	Dr.		2,50,000
	To Debenture A/c				2,50,000
	(Being first call money due on 10,000 debenture @ ₹ 25 per debenture)
31.9.22	Bank A/c	Dr.		2,37,500
	Calls in advance A/c	Dr.		12,500
	To Debenture first call A/c				2,50,000
	(Being first call money received and call in advance adjusted)
31.11.22	Debenture second and final call A/c	Dr.		2,00,000
	To Debenture A/c				2,00,000
	(Being second and final call money due on 10,000 debenture @ ₹ 20 per debenture)
31.11.22	Bank A/c	Dr.		1,90,000
	Calls in advance A/c	Dr.		10,000
	To Second and final call A/c				2,00,000
	(Being Second and final call money received and calls in advance adjusted)
31.11.22	Interest on call in advance a/c	Dr.		650
	To Bank				650
	(Being two months interest on 12500 and 4 months interest on ₹ 10,000 @ ₹ 12% p.a.)

Working Note: 

Calculation of Interest on calls -in Advance .

(i) ₹ 1250 x 12/100 x 2/12 = 250

(ii)₹ 10000 X 12/100 X 4/12 = 400

Total  Int . on call -in Advance = 200 + 400 = 650 

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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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