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Question 50 Chapter 9 of +2-A – T.S. Grewal 12 Class

Question 50 Chapter 9 of +2-A
Question No50 - Chapter No.9 - T.S. Grewal +2 Book 2019-Solution

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Question 50 Chapter 9 of +2-A

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50. Office Products Ltd, issued on 1st April 2018, 20,000, 9% Debentures of 􀀀 100 each at a premium of 10% redeemable at a premium of 5% after 5 years. The issue price was payable along with the application. Pass the necessary journal entries.

The solution of Question 50 Chapter 9 of +2-A: – 

 

DateParticulars
L.F.DebitCredit
April 1Bank A/cDr 22,00,000 
 To Debenture Application and Allotment A/c   22,00,000
 (Being application and allotment money received foe 9%Debenture )    
 Debenture Application and Allotment A/cDr 22,00,000 
 Loss on the issue of Debenture A/cDr 1,00,000 
 To 9% Debenture A/c   20,00,000
 To Securities Premium A/c   2,00,000
 To Premium on Redemption of Debenture A/c   1,00,000
 (Being 8% Debenture issued at a discount and redeemable at a premium )    
Mar 31 2019Securities Premium Reserve A/cDr 1,00,000 
 To Loss on the issue of Debentures A/c   1,00,000
 (Being loss on issue of debenture written off from Securities Premium Reserve )    

 

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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)

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 2-min

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