Question 8 Chapter 9 of +2-Part-1
Table of Contents
8. (Issue at Discount/Journal) Z Ltd. Issued 7,500 12 % Debentures of Rs. 100 each at a discount of 10% redeemable at par, payable Rs. 20 on application, Rs. 40 on allotment and Rs. 30 on first and final call. The public applied for 10,500 debentures. Application for 6,750 debentures were accepted in full. Applicants for 1,500 debentures were allotted 750 debentures and the remaining applications were rejected. All moneys were duly received Journalise these transactions.
The solution of Question 8 Chapter 9 of +2 Part-1: –
| Journal |
|||||
| Date | Particulars |
L.F. | Debit ₹ | Credit ₹ | |
| Bank A/c | Dr. | 2,10,000 | |||
| To Debenture Application A/c | 2,10,000 | ||||
| (Being the receipt of app. Amount received on 10,500 debentures ) | |||||
| Debenture Application A/c | Dr. | 2,10,000 | |||
| To 12% Debenture A/c | 1,50,000 | ||||
| To Debenture Allotment A/c | 15,000 | ||||
| To Bank A/c | 45,000 | ||||
| (Being application money adjusted & surplus money refunded A/c) | |||||
| Debenture Allotment A/c | Dr. | 3,00,000 | |||
| Discount on Debenture A/c | Dr. | 75,000 | |||
| To 12% Debenture A/c | 3,75,000 | ||||
| (Being allotment money due ) | |||||
| Bank A/c | 2,85,000 | ||||
| To Debenture Allotment A/c | 2,85,000 | ||||
| (Being allotment money received ) | |||||
| Debenture Call A/c | 2,25,000 | ||||
| To 12% Debenture A/c | 2,25,000 | ||||
| (Being amount due on debentures @ Rs. 30 on 7,500 debentures ) | |||||
| Bank A/c | 2,25,000 | ||||
| To Debenture call A/c | 2,25,000 | ||||
| (Being call money received ) | |||||
It all about Question 8 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