Question no 31 Chapter 2 - UNIMAX Class 12 Part 2

Question No 31 Chapter 2 – UNIMAX Class 12 Part 2 – 2021

Table of Contents

The solution of Question 31 Chapter 2 of +2 Part-2: –

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

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

Tajinder Ltd. issued 21,000, 10% debentures of ₹ 100 each of April 1,2021, the interest is paid half yearly on 30september and 31st March every year, the rate of income tax being 20%. Pass the necessary journal entries for the year 2022.

The solution of Question 31 Chapter 2 of +2 Part-2: –

Journal

Date	Particulars		L.F.	Debit	Credit
2021
April 1	Bank A/c	Dr.		21,00,000
	To Debenture Application & Allotment A/c				21,00,000
	(Being application money received)
April 1	Debenture Application & Allotment A/c	Dr.		21,00,000
	To Debenture A/c				21,00,000
	(Being application money transferred to debentures account consequent upon allotment)
Sept. 30	Interest on debenture A/c	Dr.		1,05,000
	To Debenture holder A/c				84,000
	To Income tax payable A/c				21,000
	(Being interest due for six months and income tax deducted at source)
Sept. 30	Debenture holder A/c	Dr.		84,000
	To Bank A/c				84,000
	(Being the payment of interest)
Sept. 30	Income tac payable A/c	Dr.		21,000
	To Bank A/c				21,000
	(Being the deposit of income tax deducted at source with the government)
2022
March 31	Interest on debenture A/c	Dr.		1,05,000
	To Debenture holders A/c				84,000
	To Income tax payable A/c				21,000
	(Being interest due for six months and income tax deducted at source)
March 31	Debenture holder A/c	Dr.		84,000
	To Bank A/c				84,000
	(Being the payment of interest)
March 31	Income tax payable A/c	Dr.		21,000
	To Bank A/c				21,000
	(Being the deposit of income tax deducted at source with the govt.)
March 31	Statement of Profit & Loss A/c	Dr.		2,10,000
	To Interest on debenture A/c				2,10,000
	(Being the transfer of interest on debenture to statement of profit & loss account)