Question 38 Chapter 9 of +2-A – T.S. Grewal 12 Class

Question 38 Chapter 9 of +2-A

Question 38 Chapter 9 of +2-A

38. Pass necessary Journal entries for the issue of debentures in the following cases:
(a)Rs 40,000; 12% Debentures of 􀀀 100 each issued at a premium of 5% redeemable at par.
(b)70,000; 12% Debentures of 􀀀 100 each issued at a premium of 5% redeemable at Rs 10.

The solution of Question 38 Chapter 9 of +2-A: – 

 

Date Particulars
L.F. Debit Credit
  Bank A/c Dr   42,000  
  To Debenture Application and Allotment A/c       42,000
  (Being Debenture Application Received )        
  Debenture application and allotment A/c Dr   42,000  
  To 12%Debenture A/c       40,000
  To Securities Premium A/c       2,000
  (Being Debenture issued at a premium)        

 

Date Particulars
L.F. Debit Credit
  Bank A/c Dr   73,500  
  To Debenture Application and Allotment A/c       73,500
  (Being Debenture Application Received )        
  Debenture Application A/c Dr   73,500  
  Debenture Application A/c Dr   7,000  
  To 12%Debenture A/c       70,000
  To Securities Premium A/c       3,500
  To Premium on Redemption A/c       7,000
  (Being Debenture issued at a premium)        

 


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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

2 Book 2 min - Question 38 Chapter 9 of +2-A - T.S. Grewal 12 Class

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