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Question 32 Chapter 10 of +2-Part-1
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Table of Contents
32. (Purchased & Held as an investment & cancelled) On 1 October, purchased its own 200 debentures as investment @ Rs. 97. These investment were cancelled on 31 March, 2016. Pass necessary entries. Ignore DRR, DRI & Interest.
The solution of Question 29 Chapter 10 of +2 Part-1:-
Journal |
|||||
Date | Particulars |
L.F. | Debit ₹ | Credit ₹ | |
2015 | |||||
Oct. 1 | Own Debentures A/c | Dr. | 19,400 | ||
To Bank A/c | 19,400 | ||||
(Being 200 debentures purchased as investment) | |||||
2016 | |||||
Mar. 31 | Debentures A/c | Dr. | 20,000 | ||
To Own Debentures A/c | 19,400 | ||||
To Profit on Redemption A/c | 600 | ||||
(Being own debentures cancelled) | |||||
2016 | |||||
Mar. 31 | Profit on Redemption A/c | 600 | |||
To Capital Reserve A/c | 600 | ||||
(Being profit on redemption transferred to Capital Reserve) | |||||
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It all about Question 32 Chapter 10 of +2-Part-1, If you have any problem please comment below.
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Redemption of Debentures – explained with an example
You can also Check out the solved question of other Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
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