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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:
₹ 25 | on application |
₹ 35 | on allotment |
₹ 30 | on 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/c | Dr. | 30,000 | |||
To Debenture Application A/c | 30,000 | ||||
(Being app. Money received 2 Rs. 25 on 1,200 debenture ) | |||||
Debenture Application A/c | Dr. | 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/c | Dr. | 35,000 | |||
Discount on issue of Debenture A/c | Dr. | 10,000 | |||
To Debentures A/c | 45,000 | ||||
(Being allotment & discount issued credited to debentures A/c) | |||||
Bank A/c | Dr. | 32,500 | |||
Debenture Application A/c | Dr. | 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/c | Dr. | 30,000 | |||
To 9% Debenture A/c | 30,000 | ||||
(Being first & final call money due ) | |||||
Bank A/c | Dr. | 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
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
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