Question 45 Chapter 9 of +2-A – T.S. Grewal 12 Class

Question 45 Chapter 9 of +2-A

Question 45 Chapter 9 of +2-A

45. On 1st January 2017, Raha Ltd. issued 6,000, 8% Debentures of the nominal face value of Rs 100 each redeemable at 5% premium in equal proportions at the end of 5, 10 and 15 years. It has a balance of Rs 10,000 in Securities Premium Reserve.
Pass Journal entries. Also, give Journal entries for writing off Loss on Issue of Debentures..

The solution of Question 45 Chapter 9 of +2-A: – 

 

Date Particulars
L.F. Debit Credit
2017          
Jan 1 Bank A/c Dr   6,00,000  
  To Debenture Application & Allotment A/c       6,00,000
  (Being application money received on 9%debenture )        
Jan 1 Debenture Application & Allotment A/c Dr   6,00,000  
  Loss on the issue of Debenture A/c Dr   30,000  
  To 9%Debenture A/c       6,00,000
  To Premium on the redemption of Debenture A/c       30,000
  (Being application and allotment money adjusted along with 5% premium payable on redemption )        
Dec 1 Securities Premium Reserve A/c Dr   10,000  
  Statement of profit & loss A/c Dr   20,000  
  To Loss on the issue of Debentures A/c       30,000
  (Being discount issue of debenture written off )        

 

 


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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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