Question 22 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 22 Chapter 9 of +2-Part-1

22. (Issue for Purchase Consideration Other than cash/at Discount) Rama Ltd. purchased machinery worth Rs. 72,000. For this company issued 12% debentures of Rs. 100 each at a discount of 4% in satisfaction of the purchase price. Pass the required journal entries

The solution of Question 22 Chapter 9 of +2 Part-1: –

Journal
Date   Particulars
L.F. Debit Credit ₹
i Machinery A/c Dr.   72,000  
  To Vendor’s A/ c       72,000
  (Being machinery purchased)      
         
ii Vendor’s A/ c Dr.   72,000  
  Discount on issues of Debenture A/ c (750 X 4)     3,000  
  To Debenture A/c (750 X 100)     75,000
  (Being consideration paid by issuing debentures at 4% discount )      
         

It all about Question 22 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

Leave a Reply

Your email address will not be published. Required fields are marked *