Question 6 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 6 Chapter 9 of +2-Part-1 - USHA Publication 12 Class Part - 1

Question 6 Chapter 9 of +2-Part-1

6. (Issue at Discount/Balance Sheet) X Ltd. Issued 10,000, 12% Debentures of Rs. 100 each.at 6% discount, redeemable at par after 5 years, payable as Rs. 60 on application and the balance on allotment.
Prepare Journal and the Balance Sheet

The solution of Question 6 Chapter 9 of +2 Part-1: –

Journal
Date   Particulars
L.F. Debit Credit
  Bank A/c Dr.   6,00,000  
  To Debenture Application A/c       6,00,000
  (Being app. Money received )      
         
  Debenture Application A/c Dr.   6,00,000  
  To 12% Debenture A/c     6,00,000
  (Being the application money transfer to 12% debenture A/c consequent upon allotment )      
         
  Debenture Allotment A/c Dr.   3,40,000  
  Discount on Issue of Debentures A/c     60,000  
  To 12% Debenture A/c     4,00,000
  (Being allotment due )      
         
  Bank A/c Dr.   3,40,000  
  To 12 % Debenture Allotment A/c     3,40,000
  (Being allotment money received )      
         

It all about Question 6 Chapter 9 of +2-Part-1, If you have any problem please comment below.

Issue of Debentures from the point of view of Redemption

You can also Check out the solved question of other Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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