Question No 7 Chapter 2 – UNIMAX Class 12 Part 2 – 2021
Table of Contents
A Limited company made an issue of 10,000, 14% debentures of ₹ 100 each at 5 % discount, which was fully subscribed. The debentures were allotted on 31st July, 2022 subscription being payable 10% on application, 40% on allotment 25% on first call on 30th September, 2022 and the balance on 30th November, 2022.
The solution of Question 7 Chapter 2 of +2 Part-2: –
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
| Bank A/c | Dr. | 1,00,000 | |||
| To Debenture application A/c | 1,00,000 | ||||
| (Being application money received on 10,000 @ ₹ 10 per debenture) | |||||
| Debenture Application A/c | Dr. | 1,00,000 | |||
| To Debenture A/c | 1,00,000 | ||||
| (Being debenture application money transferred to 14% debenture a/c) | |||||
| 31.7.22 | Debenture Allotment A/c | Dr. | 4,00,000 | ||
| Discount on issue of debenture A/c | Dr. | 50,000 | |||
| To Debentures A/c | 4,50,000 | ||||
| (Being allotment money due on 10,000 debenture @ ₹ 45 per debenture at a discount of ₹ 5 per debenture) | |||||
| 31.7.22 | Bank A/c | Dr. | 4,22,500 | ||
| To Debenture allotment A/c | 4,00,000 | ||||
| To Calls in advance A/c | 22,500 | ||||
| (Being the allotment money received and advance amount received on 500 debenture @ ₹ 45) | |||||
| 31.9.22 | Debenture first call A/c | Dr. | 2,50,000 | ||
| To Debenture A/c | 2,50,000 | ||||
| (Being first call money due on 10,000 debenture @ ₹ 25 per debenture) | |||||
| 31.9.22 | Bank A/c | Dr. | 2,37,500 | ||
| Calls in advance A/c | Dr. | 12,500 | |||
| To Debenture first call A/c | 2,50,000 | ||||
| (Being first call money received and call in advance adjusted) | |||||
| 31.11.22 | Debenture second and final call A/c | Dr. | 2,00,000 | ||
| To Debenture A/c | 2,00,000 | ||||
| (Being second and final call money due on 10,000 debenture @ ₹ 20 per debenture) | |||||
| 31.11.22 | Bank A/c | Dr. | 1,90,000 | ||
| Calls in advance A/c | Dr. | 10,000 | |||
| To Second and final call A/c | 2,00,000 | ||||
| (Being Second and final call money received and calls in advance adjusted) | |||||
| 31.11.22 | Interest on call in advance a/c | Dr. | 650 | ||
| To Bank | 650 | ||||
| (Being two months interest on 12500 and 4 months interest on ₹ 10,000 @ ₹ 12% p.a.) | |||||
Working Note:
Calculation of Interest on calls -in Advance .
(i) ₹ 1250 x 12/100 x 2/12 = 250
(ii)₹ 10000 X 12/100 X 4/12 = 400
Total Int . on call -in Advance = 200 + 400 = 650
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Share Capital: Meaning, Types, and Classes
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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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