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Question 5 Chapter 9 of +2-Part-1
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5. (Issued at Discount/Balance Sheet) Samsung company issued 10,000 12 % Debentures of Rs. 100 each at 10% discount to a political party. The debentures were fully subscribed. Pass 13 journal entries and prepare Balance Sheet.
The solution of Question 5 Chapter 9 of +2 Part-1: –
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| 1 | Bank A/c | Dr. | 9,00,000 | ||
| To Debenture Application & Allotment A/c | 9,00,000 | ||||
| (Being app. Money received for 10,000 debentures 2 Rs. 90 per share) | |||||
| 2 | Debenture Application A/c | Dr. | 9,00,000 | ||
| Discount on Debenture A/c | 1,00,000 | ||||
| To 12% Debenture A/c | 10,00,000 | ||||
| (Being 10,000 debentures allotted ) | |||||
Samsung Company Ltd. Balance Sheet Consolidated
| Sr. No. | Particulars | Note No. | FIG. RELATING TO CURRENT REPORTNG PERIOD | FIG. RELATING TO PREVIOUS REPORTNG PERIOD | |
| I | Equity & Liability | ||||
| Non current Liabilities | |||||
| Long terms borrowings | 1 | 10,00,000 | |||
| Total | 10,00,000 | ||||
| II | Assets | ||||
| Non -Current Assets | 2 | 1,00,000 | |||
| Current Assets | |||||
| Other Non Current Assets | |||||
| Cash & Cash equivalent | 3 | 9,00,000 | |||
| Total | 10,00,000 | ||||
Notes to Account
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| Particulars | ₹ | ||
| Note No. 1 | Long terms borrowings | ||
| 10,000 12 % Debentures of Rs. 100 | 10,00,000 | ||
| Note No. 2 | Other Non Current Assets | ||
| Discount on issue of debentures (unamortized ) | 1,00,000 | ||
| Note No. 3 | Cash & Cash equivalent | ||
| Cash at Bank | 9,00,000 | ||
Working Notes :-
1. Debentures are treated as long term. Hence, discount on issue of debentures is also treated as non – current assets in the absence of information regarding maturity of debentures.
It all about Question 5 Chapter 9 of +2-Part-1, If you have any problem please comment below.
Issue of Debentures from the point of view of Redemption
End of Solution
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Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 2 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
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Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
Chapter No. 11 – Financial Statements of a Company
Chapter No. 12 – Financial Statement Analysis
Chapter No. 13 – Tools of Financial Statement Analysis- Comparative and Common Size
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Chapter No. 14 – Accounting Ratios
Chapter No. 15 – Cash Flow Statement
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 2 Class 12 by Unimax Publication
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
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1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 1 Class 12 by Unimax Publication