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Question 48 Chapter 9 of +2-A – T.S. Grewal 12 Class

Question 48 Chapter 9 of +2-A
Question No48 - Chapter No.9 - T.S. Grewal +2 Book 2019-Solution

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Question 48 Chapter 9 of +2-A

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48. On 1st April 2017, Solar Power Ltd. issued 10,000, 8% Debentures of 􀀀 100 each at a discount of 5% redeemable at a premium of 15% at the end of five years. All the debentures were subscribed and allotment was made. The company had balance in the Securities Premium Reserve of 􀀀 80,000.
Prepare the Balance Sheet extract as of 31st March 2018.

The solution of Question 48 Chapter 9 of +2-A: – 

 

DateParticulars
L.F.DebitCredit
2017     
1 Apr.Bank A/cDr 9,50,000 
 To Debenture Application & Allotment A/c   9,50,000
 (Being application money received on 8%debenture )    
 Debenture Application & Allotment A/cDr 9,50,000 
 Loss on the issue of Debenture A/cDr 2,00,000 
 To 8%Debenture A/c   10,00,000
 To Premium on the redemption of Debenture A/c   1,50,000
 (Being application and allotment money adjusted along with 5% premium payable on redemption )    
2018     
31 Mar.Securities Premium Reserve A/cDr 80,000 
 Statement of profit & loss A/cDr 1,20,000 
 To Loss on the issue of Debentures A/c   2,00,000
 (Being a discount issue of debenture written off )    

 

Particulars

(1)


Note no.
(2)
Figures as at the end of the Current Reporting Period
(3)
Figures as at the end of the Previous Reporting Period
(4)
I. Liabilities    
1. Shareholders’ Fund    
(a) Reserve and Surplus   1,20,000
Total   1,20,000

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Particulars
 Details
Amount
Reserve and Surplus  
Securities Premium Reserve 80,000 
Less: Loss on Issue of Debenture W/off. 80,0000
Surplus,  
Loss on the issue of Debenture80,000 
Loss on the issue of Debenture80,0000

 


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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)

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)

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