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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 - USHA Publication 12 Class Part - 1

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Question 6 Chapter 9 of +2-Part-1

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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.DebitCredit
 Bank A/cDr. 6,00,000 
 To Debenture Application A/c   6,00,000
 (Being app. Money received )   
     
 Debenture Application A/cDr. 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/cDr. 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/cDr. 3,40,000 
 To 12 % Debenture Allotment A/c  3,40,000
 (Being allotment money received )   
     

 

Balance Sheet
Particulars
Particulars
Secured Loans Cash at Bank9,40,000
12% Debentures10,00,000Discount on Issue of Debentures A/c60,000
(10,000 debentures of Rs. 100 each issued for cash)   
    
 10,00,000 10,00,000

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

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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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