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Question 17 Chapter 9 of +2-A – T.S. Grewal 12 Class

Question 17 Chapter 9 of +2-A
Question No17 - Chapter No.9 - T.S. Grewal +2 Book 2019-Solution

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Question 17 Chapter 9 of +2-A

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17. Deepak Ltd purchased furniture of ₹ 2,20,000 from M/s. Furniture Mart. 50% of the amount was paid to M/s. Furniture Mart by accepting a Bill of Exchanged and for the balance the company issued 9% Debenture of ​₹  100 each at a premium of 10% in favour of M/s. Furniture Mart. Pass Journal entries in the books of Deepak Ltd. 

The solution of Question 17 Chapter 9 of +2-A: – 

     
DateParticulars
L.F.DebitCredit
 Furniture A/cDr 1,35,000 
 To Furniture Mart A/c   1,35,000
 (Being asset purchased )    
 Furniture Mart A/cDr 1,10,000 
 To Bills Payable A/c   1,10,000
 (Being B.P received)    
 Vendor A/cDr 1,10,000 
 To 9%Debenture A/c   1,00,000
 To securities premium A/c   10,000
 (Being Debenture Issued)    

Working Note

 

No of Debenture to be issued =Purchase consideration=1,10,000==1,000 shares
Issue price110

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DateParticulars
L.F.DebitCredit
  Machine A/cDr 1,35,000 
 To Vendor A/c   1,35,000
 (Being asset purchased )    
 Vendor A/cDr 1,35,000 
 Discount on Issue of Debenture A/cDr 15,000 
 To 6%Debenture A/c   1,50,000
 (Being Debenture Issued)    

Working Note

 

No of Debenture to be issued =Purchase consideration=1,35,000= 1,500 shares
Issue price90

 

 

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Also, Check out the solved question of previous Chapters: –

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 2-min

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