Question no 30 Chapter 2 – UNIMAX Class 12 Part 2 – 2021

Question no -30 Chapter no -2 Unimax Class -12 Part - II
Question no -30 Chapter no -2 Unimax Class -12 Part - II

Question No  30  Chapter 2 – UNIMAX  Class 12 Part 2 – 2021

Nagoke sports Ltd. issued 15,000; 10% debentures of ₹ 10 each on 1st April 2021. The issue was fully subscribed. According to the terms of issue, interest payable on half yearly basis. Pass journal entries for the year ended 31st March, 2022.

The solution of Question 30 Chapter 2 of +2 Part-2: –

JOURNAL
 NAGOKE SPORTS LTD.

Date   Particulars
L.F. Debit Credit
2021          
Sept. 30 Debenture interest A/c Dr.   75,000  
  To Debenture holder A/c       75,000
  (Being the interest on debenture payable for the half year ended 30 sept. 2014)        
  Debenture holder A/c Dr.   75,000  
  To Bank A/c     75,000
  (Being the interest paid to debenture holder)        
2022          
March 31 Debenture interest A/c Dr.   75,000  
  To Debenture holder A/c     75,000
  (Being the interest on debenture for the half year ended 31-3-2015(Note))        

Note: entry for payment will not passed as it shall be paid in the next year. 

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