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Question 13 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 13 Chapter 9 of +2-Part-1 - USHA Publication 12 Class Part - 1
Question 13 Chapter 9 of +2-Part-1 - USHA Publication 12 Class Part - 1

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Question 13 Chapter 9 of +2-Part-1

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13. (Oversubscription/ Pro-rata allotment) Narendra Ltd. issued 1,000 debentures of each at a discount of 10%. The amount was payable as follows:

₹ 25on application
₹ 35on allotment
₹ 30on First & final call.

In all applications for 1,200 debentures were received. Applications for 600 debenture accepted in full. One applicant who had applied for 500 debentures was allotted debentures and rest of the applications were rejected. All the amounts due were received time. Give journal entries in the books of company.

The solution of Question 13 Chapter 9 of +2 Part-1: –

Journal
Date  Particulars
L.F.Debit ₹Credit ₹
 Bank A/cDr. 30,000 
 To Debenture Application A/c   30,000
 (Being app. Money received 2 Rs. 25 on 1,200 debenture )   
     
 Debenture Application A/cDr. 27,500 
 To Debenture A/c  25,000
 To Bank A/c  2,500
 (Being transfer of app. Money on 1,000 debentures & refund of amount on 100 debentures )   
     
 Debenture Allotment A/cDr. 35,000 
 Discount on issue of Debenture A/cDr. 10,000 
 To Debentures A/c  45,000
 (Being allotment & discount issued credited to debentures A/c)   
     
 Bank A/cDr. 32,500 
 Debenture Application A/cDr. 2,500 
 To Debenture Allotment A/c   35,000
 (Being allotment money received & surplus application money on debentures credited to allotment A/c )    
      
 Debenture First & Final Call A/cDr. 30,000 
 To 9% Debenture A/c   30,000
 (Being first & final call money due )    
      
 Bank A/cDr. 30,000 
 To Debenture first & final call A/c   30,000
 (Being first & final call money received )    
      

It all about Question 13 Chapter 9 of +2-Part-1, If you have any problem please comment below.

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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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