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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 - USHA Publication 12 Class Part - 1

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Question 7 Chapter 9 of +2-Part-1

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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:

₹ 30on application
₹ 45on allotment
₹ 20on 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/cDr. 2,40,000 
 To 8% Debenture A/c   2,40,000
 (Being 8,000 debentures allotted .)   
     
 8% Debenture Allotment A/cDr. 3,60,000 
 Discount on DebenturesDr. 40,000 
 To 8% Debenture A/c  4,00,000
 (Being allotment due)   
     
 8 % Debenture Final Call A/cDr. 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
IEquity & Liability   
 Shareholders fund   
 Reserve & Surplus   
 Non current Liabilities 7,60,000 
 Current Liabilities   
 Total 7,60,000 
IIAssets   
 Non -Current Assets
   
 Current Assets
   
 Cash & Cash equivalent
   
 Cash in hand
17,60,000 
 Total 7,60,000 

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Notes to Accounts

Note 1 :- Cash Account

ParticularsParticulars
To 8% Debenture Application A/c2,40,000By Balance c/d7,60,000
To 8% Debenture Allotment A/c3,60,000  
To 8% Debenture Final call A/c1,60,000  
 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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