Question 34 Chapter 9 of +2-A – T.S. Grewal 12 Class

Question 34 Chapter 9 of +2-A

Question 34 Chapter 9 of +2-A

34. Footfall Ltd. issues 10,000 Debentures of 100 each at a discount of 10% redeemable at a premium of 5% after the expiry of three years.
Pass Journal entries for the issue of these debentures.

The solution of Question 34 Chapter 9 of +2-A: – 

Date Particulars
L.F. Debit Credit
  Bank A/c Dr   9,00,000  
  To Debenture Application/c       9,00,000
  (Being Debenture application Received)        
           
  Debenture application A/c Dr   9,00,000  
  Debenture application A/c Dr   1,00,000  
  To Debenture Application/c Dr   50,000  
  To 12% Application A/c       10,00,000
  To Debenture Application A/c       50,000
  (Being 10,000 Debenture of Rs 100 each issued at debenture )        
           
  Bank A/c Dr   10,00,000  
  Premium on Redemption A/c Dr   50,000  
  To Debenture Application/c       10,50,000
  (Being amount due for redemption on paid to premium redemption )        
           
  Debenture Holder’s A/c Dr   10,50,000  
  To Bank A/c       10,50,000
  (Being amount due for re redemption to debenture holders )        

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Also, Check out the solved question of previous Chapters: –

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

  • Chapter No. 1 – Financial Statements of a Company
  • Chapter No. 2 – Financial Statement Analysis 
  • Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
  • Chapter No. 4 – Accounting Ratios
  • Chapter No. 5 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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