Question 1 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 1 Chapter 9 of +2-Part-1 - USHA Publication 12 Class Part - 1

Question 1 Chapter 9 of +2-Part-1

1. (Issue at Par) X Ltd. issued 1,000, 5% Debentures of Rs. 100 each at par, payable Rs. 20 on application, Rs. 20 on allotment, Rs. 30 on first call and 30 on second call. All the amounts were duly received. Pass necessary journal entries.


The solution of Question 1 Chapter 9 of +2 Part-1: –

Journal
Date   Particulars
L.F. Debit Credit
A) Bank A/c (1,000X 20) Dr.   20,000  
  To Debenture Application A/c       20,000
  (Being the receipt of app. Amount @ Rs. 20 on 1,000 debentures )      
         
B) Debenture Application A/c Dr.   20,000  
  To 5% Debenture A/c     20,000
  (Being transfer of app. Money debenture A/c)      
         
C) Debenture Allotment A/c (1,000 X 20) Dr.   20,000  
  To 5% Debenture A/c     20,000
  (Being allotment money due )      
         
D) Bank A/c Dr.   20,000  
  To Debenture Allotment A/c     20,000
  (Being allotment money received )      
         
E) Debenture First Call A/c (1,000 X 30) Dr.   30,000  
  To 5% Debenture A/c     30,000
  (Being first call money due )      
         
F) Bank A/c Dr.   30,000  
  To Debenture first call A/c     30,000
  (Being first call money received )      
         
G) Debenture Second & Final Call A/c (1,000 X 30) Dr.   30,000  
  To 5% Debenture A/c     30,000
  (Being Second & final call money due )      
         
H) Bank A/c Dr.   30,000  
  To Debenture first call A/c     30,000
  (Being Second & final call money received )      

It all about Question 1 Chapter 9 of +2-Part-1, If you have any problem please comment below.

Issue of Debentures from the point of view of Redemption

You can also Check out the solved question of other Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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