Advertisement

Question no 7 Chapter 2 – UNIMAX Class 12 Part 2 – 2021

Question no -07 Chapter no -2 Unimax Class -12 Part - II
Question no -07 Chapter no -2 Unimax Class -12 Part - II

Advertisement

Question No  7 Chapter 2 – UNIMAX  Class 12 Part 2 – 2021

Advertisement

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.DebitCredit
 Bank A/cDr. 1,00,000 
 To Debenture application A/c   1,00,000
 (Being application money received on 10,000 @ ₹ 10 per debenture)    
 Debenture Application A/cDr. 1,00,000 
 To Debenture A/c  1,00,000
 (Being debenture application money transferred to 14% debenture a/c)    
31.7.22Debenture Allotment A/cDr. 4,00,000 
 Discount on issue of debenture A/cDr. 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)    
31.7.22Bank A/cDr. 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)    
31.9.22Debenture first call A/cDr. 2,50,000 
 To Debenture A/c  2,50,000
 (Being first call money due on 10,000 debenture @ ₹ 25 per debenture)   
31.9.22Bank A/cDr. 2,37,500 
 Calls in advance A/cDr. 12,500 
 To Debenture first call A/c  2,50,000
 (Being first call money received and call in advance adjusted)   
31.11.22Debenture second and final call A/cDr. 2,00,000 
 To Debenture A/c  2,00,000
 (Being second and final call money due on 10,000 debenture @ ₹ 20 per debenture)   
31.11.22Bank A/cDr. 1,90,000 
 Calls in advance A/cDr. 10,000 
 To Second and final call A/c   2,00,000
 (Being Second and final call money received and calls in advance adjusted)    
31.11.22Interest on call in advance a/cDr. 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 .

Advertisement-X

(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 

Thanks, Please Like and share with your friends  

Comment if you have any Doubts.

Share Capital: Meaning, Types, and Classes

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

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

Advertisement-X

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

Question 1 Chapter 1 of +2-B
T.S. Grewal’s Analysis of Financial Statements

Advertisement

Advertisement

error: Content is protected !!