Question 15 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 15 Chapter 9 of +2-Part-1 - USHA Publication 12 Class Part - 1

Question 15 Chapter 9 of +2-Part-1

15. (Calls in arrear) A company issued 1,000, 6 % Debentures of Rs. 100 each at 110 payable as follows:

₹ 30 on application (including premium of 5)
₹ 30 on allotment (including premium of 5)
₹ 50 on first and final call

All the debentures were applied for and allotted.
All money due was received except final call on 20 debentures
Pass journal entries for the above.

The solution of Question 15 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 )      
         
  Debenture Application A/c Dr.   30,000  
  To 6% Debenture A/c     25,000
  To Securities Premium Reserve A/c     5,000
  (Being application money transferred to debenture A/c , together with premium @ Rs. 5 )      
         
  Bank A/c Dr.   30,000  
  To 6 % Debenture Allotment A/c     30,000
  (Being allotment money received )      
         
  Debenture fist & Final Call A/c Dr.   50,000  
  To 6% Debenture A/c       50,000
  (Being amount due on final )        
           
  Bank A/c Dr.   49,000  
  To Debenture First & final call A/c       49,000
  (Being call money received on 980 Debentures )        
           

It all about Question 15 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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