Question 49 Chapter 9 of +2-A – T.S. Grewal 12 Class

Question 49 Chapter 9 of +2-A

Question 49 Chapter 9 of +2-A

49. On 1st April 2015. Mathew Ltd. issued 10,000, 9% Debentures of 􀀀 100 each at a discount of 5%, redeemable at a premium of 5%. These debentures were redeemable as follows:
On 31st March 2016 2,000
Debentures;
On 31st March 2017 5,000
Debentures;
On 31st March 2018 3,000
Debentures.
Prepare the Loss on Issue of Debentures Account, Debentures Account and Premium on Redemption of Debentures Account for three years.

The solution of Question 49 Chapter 9 of +2-A: – 

 

Date Particulars
L.F. Debit Credit
  Bank A/c Dr   9,50,000  
  To Debenture Application and Allotment A/c       9,50,000
  (Being application and allotment money received foe 9%Debenture )        
  Debenture Application and Allotment A/c Dr   9,50,000  
  Loss on the issue of Debenture A/c Dr   1,00,000  
  To 9% Debenture A/c       9,00,000
  To Premium on Redemption of Debenture A/c       50,000
  (Being 9% Debenture issued at a discount and redeemable at a premium )        

 

 

  9% Debenture A/c
Date
Particulars
J.F.
Amount Date
Particulars
J.F. Amount
31 Mar 2016 To Debenture holders a/c   2,00,000 1 April 2015 By debenture Application and Allotment a/c   9,50,000
  To Debenture holders a/c   8,00,000   By Loss on the issue of Debenture a/c   50,000
      10,00,000         10,00,000

 

 

  9% Debenture A/c
Date
Particulars
J.F.
Amount Date
Particulars
J.F. Amount
31 Mar 2016 To Debenture holders a/c   5,00,000 1 April 2015 By debenture Application and Allotment a/c   8,00,000
  To Debenture holders a/c   3,00,000        
      8,00,000         8,00,000

 

 

  9% Debenture A/c
Date
Particulars
J.F.
Amount Date
Particulars
J.F. Amount
31 Mar 2016 To Debenture holders a/c   3,00,000 1 April 2015 By Balance b/d a/c   3,00,000
               
      3,00,000         3,00,000

 

 

  Loss on the issue of Debenture A/c
Date
Particulars
J.F.
Amount Date
Particulars
J.F. Amount
31 Mar 2016 To 9% Debenture a/c   1,00,000 1 April 2015 By statement of Profit and Loss a/c   1,00,000
               
      1,00,000         1,00,000

 

 

  Loss on the issue of Debenture A/c
Date
Particulars
J.F.
Amount Date
Particulars
J.F. Amount
31 Mar 2016 To Debenture Holder a/c   10,000 1 April 2015 By Loss on the issue on Debenture a/c   50,000
  To Balance c/d   40,000        
      50,000         50,000

 

 

  Loss on the issue of Debenture A/c
Date
Particulars
J.F.
Amount Date
Particulars
J.F. Amount
31 Mar 2016 To Debenture holders a/c   25,000 1 April 2016 By Balance b/d   40,000
  To Balance c/d   15,000   By Loss on the issue of Debenture a/c   50,000
      40,000         40,000

 

 

  Loss on the issue of Debenture A/c
Date
Particulars
J.F.
Amount Date
Particulars
J.F. Amount
31 March 2018 To Debenture holders a/c   15,000 1 April 2017 By Balance b/d   15,000
               
      15,000         15,000

 


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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 49 Chapter 9 of +2-A - T.S. Grewal 12 Class

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