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

Question 7 Chapter 9 of +2-A

Question 7 Chapter 9 of +2-A

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: – 

         
Date Particulars
L.F. Debit Credit
   Bank A/c Dr   14,00,000  
  To 10%Debenture application A/c       14,00,000
  (Being the application money received )        
  10% Debenture application A/c Dr   14,00,000  
  To 10% Debenture A/c       14,00,000
  (Being application money transferred to equity share capital )        
   10%Debenture allotment A/c Dr   24,50,000  
  Loss on issue Of Debenture A/c Dr   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/c Dr   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)

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