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Question 7 Chapter 9 of +2-A – T.S. Grewal 12 Class

Question 7 Chapter 9 of +2-A
Question No.7 - Chapter No.9 - T.S. Grewal +2 Book 2019-Solution

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Question 7 Chapter 9 of +2-A

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7. Vijay Laxmi Ltd. invited applications for 10,000; 12% Debentures of ₹ 100 each at a premium of ₹ 70 per debenture. The full amount was payable on application. Applications were received for 13,500 debentures. Applications for 3,500 debentures were rejected and application money was refunded. Debentures were allotted to the remaining applications.

The solution of Question 7 Chapter 9 of +2-A: – 

     
DateParticulars
L.F.DebitCredit
  Bank A/cDr 14,00,000 
 To 10%Debenture application A/c   14,00,000
 (Being the application money received )    
 10% Debenture application A/cDr 14,00,000 
 To 10% Debenture A/c   14,00,000
 (Being application money transferred to equity share capital )    
  10%Debenture allotment A/cDr 24,50,000 
 Loss on issue Of Debenture A/cDr 3,50,000 
 To 10%Debebture A/c   21,00,000
 To Securities Premium A/c   3,50,000
 To Premium on redemption of Debenture A/c   3,50,000
 (Being the first call money due )    
 Bank A/cDr 24,50,000 
 To 10% Debenture Allotment A/c   24,50,000
 (Being allotment money received )    

 


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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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