Question No 12 Chapter 2 – UNIMAX Class 12 Part 2 – 2021
Table of Contents
XY Ltd. purchased machinery for ₹ 2,97,000 from AB Ltd. The payment was made by issue of 9% debentures of ₹ 100 each. Pass necessary journal entries for the purchase of machinery and issue for debenture when.
(1) Debentures are issued at par
(2) Debenture are issued at 10% discount
(3) Debenture are issued at 10% premium.
The solution of Question 12 Chapter 2 of +2 Part-2: –
Journal
Books of XY Ltd.
| Date | Particulars |
L.F. | Debit | Credit | |
| Machinery | Dr. | 2,97,000 | |||
| To ABC Ltd A/c | 2,97,000 | ||||
| (Being Machinery purchased) | |||||
| Case 1 | Vendor’s A/c | Dr. | 2,97,000 | ||
| To Debenture A/c | 2,97,000 | ||||
| (Being 2970 debenture issued to Vendor @ ₹ 100 each) | |||||
| Case 2 | Vendor’s A/c | Dr. | 2,97,000 | ||
| Discount on issue of debenture A/c | Dr. | 33,000 | |||
| To Debenture A/c | 3,30,000 | ||||
| (Being 3300 debenture issued to vendor at a discount of 10%) | |||||
| Case 3 | Vendors A/c | Dr. | 2,97,000 | ||
| To Debenture A/c | 2,70,000 | ||||
| To Securities premium A/c | 27,000 | ||||
| (Being 2700 debenture issued @ ₹ 100 each with 10% premium) | |||||
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Share Capital: Meaning, Types, and Classes
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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
