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Question 3 Chapter 9 of +2-Part-1
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3. (Issue at Premium) Atlas Ltd. Issue 5,000, 12% Debentures of ₹ 100 each at 10% premium, redeemable at par after 5 years, payable as ₹ 60 an application and the balance on allotment Debentures were fully subscribed and all money was duly received.
Prepare Journal and the Balance Sheet when premium money has been called up (a) on application (b) on the allotment.
The solution to Question 3 Chapter 9 of +2 Part-1: –
(a) When the premium is received on the application
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c (5,000X 60) | Dr. | 3,00,000 | |||
| To 12 % Debenture Application A/c | 3,00,000 | ||||
| (Being app. Money received ) | |||||
| 12 % Debenture Application A/c | Dr. | 3,00,000 | |||
| To 12% Debenture A/c | 2,50,000 | ||||
| To Securities Premium Reserve A/c | 50,000 | ||||
| (Being 5,000 debenture allotted ) | |||||
| 12 % Debenture Allotment A/c | Dr. | 2,50,000 | |||
| To 12% Debenture A/c | 2,50,000 | ||||
| (Being 5,000 debentures allotment due @ Rs, 50 ) | |||||
| Bank A/c | Dr. | 2,50,000 | |||
| To 12 % Debenture Allotment A/c | 2,50,000 | ||||
| (Being allotment money received ) | |||||
(b) When the premium is received on the allotment
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| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| Bank A/c (5,000X 60) | Dr. | 3,00,000 | |||
| To 12 % Debenture allotment A/c | 3,00,000 | ||||
| (Being all. Money received ) | |||||
| 12 % Debenture Application A/c | Dr. | 2,50,000 | |||
| To 12% Debenture A/c | 2,50,000 | ||||
| (Being 5,000 debenture allotted ) | |||||
| 12 % Debenture Allotment A/c | Dr. | 3,00,000 | |||
| To 12% Debenture A/c | 2,50,000 | ||||
| To Securities Premium Reserve A/c | 50,000 | ||||
| (Being 5,000 debentures allotment due) | |||||
| Bank A/c | Dr. | 3,00,000 | |||
| To 12 % Debenture Allotment A/c | 3,00,000 | ||||
| (Being allotment money received ) | |||||
It is all about Question 3 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
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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)
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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
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Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 2 Class 12 by Unimax Publication
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
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1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 1 Class 12 by Unimax Publication