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

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

Question 12 Chapter 9 of +2-Part-1

12. (Oversubscription/ Pro-rata allotment) Sadhna issued 5,000 9% debentures of ₹ 100 each on the following terms:

₹ 30 on application
₹ 20 on allotment
₹ 30 on 1st call.
₹ 20 on final call.

The public applied for 6,000 debentures. Applications for 4,000 debentures were accept full. Applications for 1,500 debentures were allotted 1,000 debentures and application500 debentures were rejected.
Pass necessary journal entries

The solution of Question 12 Chapter 9 of +2 Part-1: –

Journal
Date   Particulars
L.F. Debit Credit ₹
  Bank A/c Dr.   1,80,000  
  To Debenture Application A/c       1,80,000
  (Being app. Money received on 6,000 debenture 2 Rs, 30 per share )      
         
  Debenture Application A/c Dr.   1,65,000  
  To 9 % Debenture A/c     1,50,000
  To Bank A/c     15,000
  (Being transfer of app. Money on 5,000 debentures & refund of amount on 500 debentures )      
         
  Debenture Allotment A/c Dr.   1,00,000  
  To 9 % Debentures A/c     1,00,000
  (Being allotment due on 5,000 debentures @ Rs.30 per debenture )      
         
  Bank A/c Dr.   85,000  
  Debenture Application A/c Dr.   15,000  
  To Debenture Allotment A/c       1,00,000
  (Being allotment money received & surplus application money on debentures credited to allotment A/c )        
           
  Debenture First & Final Call A/c Dr.   1,50,000  
  To 9% Debenture A/c       1,50,000
  (Being first call money due)        
           
  Bank A/c Dr.   1,50,000  
  To Debenture first & final call A/c       1,50,000
  (Being first call money received )        
           
  Debenture Final Call A/c Dr.   1,00,000  
  To 9% Debenture A/c     1,00,000
  (Being final call money due )      
         
  Bank A/c Dr.   1,00,000  
  To Debenture final call A/c     1,00,000
  (Being final call money received )      

It all about Question 12 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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