Question No 36 Chapter 2 – UNIMAX Class 12 Part 2 – 2021
Table of Contents
Muskan Ltd. issued on 1st April, 2021, 20,000, 7% debenture of ₹ 100 each at 6% discount redeemable after 6 years at a premium of ₹ 10. All the debenture were subscribed. During the year ended 31st March, 2022, the company incurred a loss of ₹ 60,000. It has balance of ₹ 2,50,000 in Securities premium reserve.
Pass the journal entries for issue of debentures and writing off Loss on issue of debentures.
The solution of Question 36 Chapter 2 of +2 Part-2: –
JOURNAL
OF MUSKAN LTD.
| Date | Particulars |
L.F. | Debit | Credit | |
| 2021 | |||||
| April 1 | Bank A/c | Dr. | 18,80,000 | ||
| To Debenture application & allotment A/c | 18,80,000 | ||||
| (Being application money received for 20,000, 7% debentures) | |||||
| April 1 | Debentures application & allotment A/c | Dr. | 18,80,000 | ||
| Loss on issue of debenture A/c | Dr. | 3,20,000 | |||
| To Debentures A/c | 20,00,000 | ||||
| To Premium on redemption of debenture A/c | 2,00,000 | ||||
| (Being transfer of application money) | |||||
| 2022 | |||||
| March 31 | Securities premium reserve A/c | Dr. | 2,50,000 | ||
| Statement of Profit & Loss A/c | Dr. | 70,000 | |||
| To Loss on issue of debenture A/c | 3,20,000 | ||||
| (Being loss on issue of debenture written off) | |||||
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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
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