Question 9 Chapter 9 of +2-A – T.S. Grewal 12 Class

Question 9 Chapter 9 of +2-A

Question 9 Chapter 9 of +2-A

9. Iron Products Ltd. issued 5,000; 9% Debentures of ₹ 100 each at a premium of ₹ 40 payable as follows;
(i) ₹ 40, including a premium of ₹ 10 on applications;
(ii) ₹ 45, including a premium of ₹ 15 on allotment; and
(iii) Balance as first and final call.The issue was subscribed and allotment made. Calls were made and the due amount was received.
Pass Journal entries.

The solution of Question 9 Chapter 9 of +2-A: – 

         
Date Particulars
L.F. Debit Credit
   Bank A/c Dr   2,00,000  
  To 9%Debenture application A/c       2,00,000
  (Being the application money received )        
   9% Debenture application A/c Dr   2,00,000  
  To 9% Debenture A/c       1,50,000
  To 9% Debenture allotment/c       50,000
  (Being application money transferred to equity share capital )        
  9%Debenture allotment A/c Dr   2,25,000  
  To 9%Debebture A/c       1,50,000
  To Securities Premium A/c       75,000
  (Being the allotment money due with security premium )        
  Bank A/c Dr   2,25,000  
  To 9% Debenture Allotment A/c       2,25,000
  (Being application money transferred to equity share capital )        
  9%Debenture First and final call A/c Dr   2,75,000  
  To 9% Debenture A/c       2,00,000
  To Securities Premium A/c       75,000
  (Being the first and final call money due )        
  Bank A/c Dr   2,75,000  
  To 9%Debenture first and final call A/c       2,75,000
  (Being first and final call money received )        

 


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Also, Check out the solved question of previous Chapters: –

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

  • Chapter No. 1 – Financial Statements of a Company
  • Chapter No. 2 – Financial Statement Analysis 
  • Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
  • Chapter No. 4 – Accounting Ratios
  • Chapter No. 5 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 2 min - Question 9 Chapter 9 of +2-A - T.S. Grewal 12 Class

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