Question 8 Chapter 9 of +2-Part-1 – USHA Publication 12 Class Part – 1

Question 8 Chapter 9 of 2 Part 1 USHA Publication 12 Class Part 1 1 - Question 8 Chapter 9 of +2-Part-1 - USHA Publication 12 Class Part - 1

Question 8 Chapter 9 of +2-Part-1

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

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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