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Question No 8 Chapter 2 - UNIMAX Class 12 Part 2 - 2021
A Ltd. issued 2,000, 9% Debenture of ₹ 100 each on the following terms:
₹ 20 on application; ₹ 20 on allotment; ₹ 30 on first call; ₹ 30 on final call.
The public applied for 2,400 Debenture. Application for 1,800 Debenture were accepted in full. Application for 400 Debentures were allotted 200 Debentures and applications for 200 Debentures were rejected. Pass necessary journal entries.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Bank A/c | Dr. | 48,000 | |||
| To Debenture application A/c | 48,000 | ||||
| (Being application money received on 2400 debenture @ ₹ 20 each) | |||||
| Debenture Application A/c | Dr. | 48,000 | |||
| To Debenture A/c | 40,000 | ||||
| To Bank A/c | 4,000 | ||||
| To Debenture allotment A/c | 4,000 | ||||
| (Being application money received) | |||||
| Debenture Allotment A/c | Dr. | 40,000 | |||
| To Debentures A/c | 40,000 | ||||
| (Being allotment money due on 2000 debenture @ ₹ 20 per share) | |||||
| Bank A/c | Dr. | 36,000 | |||
| To Debenture allotment A/c | 36,000 | ||||
| (Being the allotment money received) q | |||||
| Debenture first call A/c | Dr. | 60,000 | |||
| To Debenture A/c | 60,000 | ||||
| (Being first call money due on 2000 debenture @ ₹ 30 each) | |||||
| Bank A/c | Dr. | 60,000 | |||
| To Debenture first call A/c | 60,000 | ||||
| (Being first call money received) | |||||
| Debenture final call A/c | Dr. | 60,000 | |||
| To Debenture A/c | 60,000 | ||||
| (Being final call money due on 2000 debenture @ ₹ 3 per debenture) | |||||
| Bank A/c | Dr. | 60,000 | |||
| To Debenture final call A/c | 60,000 | ||||
| (Being final call money received) | |||||
Working Note:
| Lot 1 | Lot 2 | Lot 3 | Total | |
| No. of Debenture applied | 3,500 | 1,500 | 1,000 | 6,000 |
| No. of debenture allotted | 3,500 | 500 | Nil | 4,000 |
| Over subscription | Nil | 1,000 | 1,000 | 2,000 |
| ₹ | ₹ | ₹ | ₹ | |
| Excess amount received of application | 30,000 | 30,000 | 60,000 | |
| Adjusted towards allotment | 30,000 | Nil | 30,000 | |
| Amount to be refunded | 30,000 | 30,000 |
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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.
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