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Question 7 Chapter 9 of +2-Part-1
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Table of Contents
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 |
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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
- 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
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