Question 7 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 7 Chapter 9 of +2-Part-1 - USHA Publication 12 Class Part - 1

Question 7 Chapter 9 of +2-Part-1

7. (Issue at Discount/Balance Sheet) Sunlight Ltd. issued 9,000, 6 % Debentures of Rs. 100 each at a discount of 5%. Amount was payable as follows:

₹ 30 on application
₹ 45 on allotment
₹ 20 on final call.

Applications were received for 8,000 debentures. All amounts were duly received.
Pass journal entries and show the balance sheet.

The solution of Question 7 Chapter 9 of +2 Part-1: –

Journal
Date   Particulars
L.F. Debit Credit ₹
  8% Debenture Application A/c Dr.   2,40,000  
  To 8% Debenture A/c       2,40,000
  (Being 8,000 debentures allotted .)      
         
  8% Debenture Allotment A/c Dr.   3,60,000  
  Discount on Debentures Dr.   40,000  
  To 8% Debenture A/c     4,00,000
  (Being allotment due)      
         
  8 % Debenture Final Call A/c Dr.   1,60,000  
  To 8% Debenture A/c     1,60,000
  (Being final call money due )      
         

Sunlight Ltd. Balance Sheet Schedule III (Part I)

Sr. No. Particulars
Note No. FIG. RELATING TO CURRENT REPORTNG PERIOD FIG. RELATING TO PREVIOUS REPORTNG PERIOD
I Equity & Liability      
  Shareholders fund      
  Reserve & Surplus      
  Non current Liabilities   7,60,000  
  Current Liabilities      
  Total   7,60,000  
II Assets      
  Non -Current Assets
     
  Current Assets
     
  Cash & Cash equivalent
     
  Cash in hand
1 7,60,000  
  Total   7,60,000  

Notes to Accounts

Note 1 :- Cash Account

Particulars Particulars
To 8% Debenture Application A/c 2,40,000 By Balance c/d 7,60,000
To 8% Debenture Allotment A/c 3,60,000    
To 8% Debenture Final call A/c 1,60,000    
  7,60,000   7,60,000


It all about
Question 7 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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