Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Kiosk Ltd. issued 40,000; 10% Debentures of ₹100 each at par, for cash, payable in full along with the application. Applications were received for 60,000 debentures. Debentures were allotted and excess application money was refunded. Pass Journal entries in the books of the company.
JOURNAL (Books of Kiosk Ltd.)
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| Bank A/c (60,000 × ₹100) Dr. | 60,00,000 | |||
| To Debenture Application and Allotment A/c | 60,00,000 | |||
| (Application money received on 60,000 debentures) | ||||
| Debenture Application and Allotment A/c Dr. | 60,00,000 | |||
| To 10% Debentures A/c (40,000 × ₹100) | 40,00,000 | |||
| To Bank A/c | 20,00,000 | |||
| (Application money transferred to 10% Debentures Account; excess application money on 20,000 debentures refunded) |
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 "T.S. Grewal Class 12 Vol 2 Chapter 2 Q.1 - Issue of Debentures", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 2 - Issue of Debentures.
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 "T.S. Grewal Class 12 Vol 2 Chapter 2 Q.1 - Issue of Debentures" instantly.