Question 33 Chapter 9 of +2-Part-1
33. (Interest on Debentures) Shveta Ltd. issued 40,000, 12% debentures of ₹ 100 each on 1st April, 2017. Interest on these debentures is paid half yearly i.e. on 30th June and 31st December. Pass necessary journal entries for the year 2017, assuming income tax is deducted at 20% on the amount of interest.
The solution of Question 33 Chapter 9 of +2 Part-1: –
| Journal |
|||||
| Date | Particulars |
L.F. | Debit ₹ | Credit ₹ | |
| 30-6-17 | Interest on Debentures A/c | Dr. | 2,40,000 | ||
| To Bank A/c | 1,92,000 | ||||
| To Income Tax Payable A/c | 48,000 | ||||
| (Being interest on debentures paid after deducting tax @20%) | |||||
| 30-6-17 | Income Tax Payable A/c | Dr. | 48,000 | ||
| To Bank A/c | 48,000 | ||||
| (Being tax paid) | |||||
| 31-12-17 | Interest on Debentures A/c | Dr. | 2,40,000 | ||
| To Bank A/c | 1,92,000 | ||||
| To Income Tax Payable A/c | 48,000 | ||||
| (Being interest on debentures paid after deducting tax @20%) | |||||
| 31-12-17 | Income Tax Payable A/c | Dr. | 96,000 | ||
| To Bank A/c | 96,000 | ||||
| (Being tax paid) | |||||
It all about Question 33 Chapter 9 of +2-Part-1, If you have any problem please comment below.
Issue of Debentures from the point of view of Redemption
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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)
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
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Chapter No. 15 – Cash Flow Statement
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- 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
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