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Question 6 Chapter 9 of +2-Part-1
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Table of Contents
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 the allotment.
Prepare Journal and the Balance Sheet
The solution to 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 ) | |||||
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| Balance Sheet |
|||
| Particulars | ₹ |
Particulars | ₹ |
| Secured Loans | Cash at Bank | 9,40,000 | |
| 12% Debentures | 10,00,000 | Discount on Issue of Debentures A/c | 60,000 |
| (10,000 debentures of Rs. 100 each issued for cash) | |||
| 10,00,000 | 10,00,000 | ||
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It is 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
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement