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

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

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25. (Different Cases of Debentures issues for Purchase Consideration other than Cash) Suvidha Ltd. Purchased machinery Rs. 1,98,000 from Suppliers Ltd. The payment was to be made by issue of 12% Debentures of Rs. 100 each. Pass the necessary Journal Entries for the purchase of machinery and issue of debentures when :
Debentures are issued at par.
(ii) Debentures are issued at 10% discount.
(iii) Debentures are issued at 10% premium.

The solution of Question 25 Chapter 9 of +2-Part-1 – USHA: –

Journal
Date  Particulars
L.F.Debit ₹Credit ₹
iMachinery A/cDr. 1,98,000 
 To Suppliers Ltd.   1,98,000
 (Being machinery purchased on credit )   
     
ii (a)At Par   
 Suppliers Ltd.Dr. 1,98,000 
 To 9 % Debenture A/c  1,98,000
 (Being consideration paid by issuing debentures at par )   
     
ii (b)At a discount of 10%   
 Suppliers Ltd.Dr. 1,98,000 
 Discount on issue of Debenture A/c Dr. 22,000 
 To 9 % Debenture A/c  2,20,000
 (Being consideration paid by issuing debentures at 20% discount )   
     
ii (c)At a premium of 10%   
 Suppliers Ltd.Dr. 1,98,000 
 To 9 % Debenture A/c  1,80,000
 To Securities Premium A/c  18,000
 (Being consideration paid by issuing debentures at 25% premium )   
     

 

This is all about the Question 25 Chapter 9 of +2-Part-1 – USHA

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You can check out the following article to better understand:

Debenture – Meaning, Definition, Features, and types

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Debenture – Meaning, Definition, Features, and types – In Hindi

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Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

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