# Question 16 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 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:

 ₹ 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

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

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

(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 3 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 18 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 30 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

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

Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 2 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.

Chapter No. 8 – Company Accounts (Share Capital)

Chapter No. 9 – Company Accounts (Issue of Debentures)

Chapter No. 10 – Company Accounts (Redemption of Debentures)

Chapter No. 11 – Financial Statements of a Company

Chapter No. 12 – Financial Statement Analysis

Chapter No. 13 – Tools of Financial Statement Analysis- Comparative and Common Size

Chapter No. 14 – Accounting Ratios

Chapter No. 15 – Cash Flow Statement

## 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.