Question 16 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

By Kuljeet Singh 6 Min Read July 13, 2024

Question 16 Chapter 9 of +2-Part-1 - USHA Publication 12 Class Part - 1

Question 16 Chapter 9 of +2-Part-1

16. (Calls in advance/Interest on calls in advance) Merchants Debentures Issued 1000 , 8 % debentures of Rs. 500 each at par payable as under:

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₹ 100	on application on 1st January , 2018
₹ 120	on allotment on 1st March , 2018
₹ 130	on first call on 1st June, 2018.
₹ 150	on final call on 1st Oct., 2018

Applications for the debentures were received in full and allotment was made. One debenture holder holding Rs. 40 debentures paid the amount of first and second1st Oct., 2018calls with allotment. According to the articles of association 10% interest on calls in advance is payable.
Pass necessary journal entries in the books of company assuming that interest on calls in advance was paid on 1st October, 2018.

The solution of Question 16 Chapter 9 of +2 Part-1: –

Solution of Questions 14 15 & 16 Issue of Debentures Chapter 9 Accounts Part B class 12 PSEB Day 197

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Calculation of interest on calls-in- advance on March 1,2018

Amount received as calls-in-advance = 40(130+150)= Rs. 11,200

Out of which Rs. 5,200 is to be appropriated as first call money on June , 1 2018.

Interest on Rs. 5,200 @ 10 % premium pre annum for 3 months = Rs. 130

(i) Remaining amount (11,200-5,200) Rs. 6,000 to be appropriated as second final call on October 1, 2018

Interest on Rs. 6,000 @ 10 % premium pre annum for 7 months = Rs. 350

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(ii) Total interest paid on Oct. 1, 2018 = 130+350= Rs. 480

Journal
Date	Particulars		L.F.	Debit ₹	Credit ₹
2018	Bank A/c	Dr.		1,00,000
Jan 1	To Debenture Application A/c				1,00,000
	(Being app. Money received )

	Debentures Application A/c	Dr.		1,00,000
	To 8% Debentures A/c				1,00,000
	(Being transfer of application money)

Mar 1	Debentures Allotment A/c	Dr.		1,20,000
	To 8% Debentures A/c				1,20,000
	(Being allotment money due )

Mar 1	Bank A/c	Dr.		1,31,200
	To Debentures allotment A/c				1,20,000
	To calls –in- advance A/c				11,200
	(Being amount received on allotment + calls-in-advance on 40 debentures )

June1	Debentures first call A/c	Dr.		1,30,000
	To 8% Debentures A/c				1,30,000
	(Being amount due on first call )

June1	Bank A/c	Dr.		1,24,800
	Calls-in-advance A/c	Dr.		5,200
	To Debentures first call A/c				1,30,000
	(Being amount received on first call )

Oct. 1	Debentures final A/c	Dr.		1,50,000
	To 8% Debentures A/c				1,50,000
	(Being amount due on final call )

Oct. 1	Bank A/c	Dr.		1,44,000
	Calls-in-advance A/c	Dr.		6,000
	To Debentures first call A/c				1,50,000
	(Being amount received on final call )

Oct. 1	Interest on calls-in-arrears A/c	Dr.		480
	To Bank A/c				480

It all about Question 16 Chapter 9 of +2-Part-1, If you have any problem please comment below.

Issue of Debentures from the point of view of Redemption

End of Solution

Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 9 – Company Accounts (Issue of Debentures) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

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

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

Question 3 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 4 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 5 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 6 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

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Question 7 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 8 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 13 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 14 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 16 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 17 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 18 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 19 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

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Question 20 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 21 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 22 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 23 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 24 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 25 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 26 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 27 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 28 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 29 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

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Question 30 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 31 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 32 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 33 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum

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Check out Part 1 of both books.

In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 1, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 1 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.

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Question 16 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

The solution of Question 16 Chapter 9 of +2 Part-1: –

Check Out the Solution of all questions of this chapter:

Download a PDF of Chapter No. 9 – Company Accounts (Issue of Debentures):

Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum

Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 2 Class 12 by Unimax Publication

Check out Part 1 of both books.

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