Question no 8 Chapter 2 - UNIMAX Class 12 Part 2

Question No 8 Chapter 2 – UNIMAX Class 12 Part 2 – 2021

Table of Contents

The solution of Question 8 Chapter 2 of +2 Part-2: –

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

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

A Ltd. issued 2,000, 9% Debenture of ₹ 100 each on the following terms:
₹ 20 on application; ₹ 20 on allotment; ₹ 30 on first call; ₹ 30 on final call.
The public applied for 2,400 Debenture. Application for 1,800 Debenture were accepted in full. Application for 400 Debentures were allotted 200 Debentures and applications for 200 Debentures were rejected. Pass necessary journal entries.

The solution of Question 8 Chapter 2 of +2 Part-2: –

Journal

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		48,000
	To Debenture application A/c				48,000
	(Being application money received on 2400 debenture @ ₹ 20 each)
	Debenture Application A/c	Dr.		48,000
	To Debenture A/c				40,000
	To Bank A/c				4,000
	To Debenture allotment A/c				4,000
	(Being application money received)
	Debenture Allotment A/c	Dr.		40,000
	To Debentures A/c				40,000
	(Being allotment money due on 2000 debenture @ ₹ 20 per share)
	Bank A/c	Dr.		36,000
	To Debenture allotment A/c				36,000
	(Being the allotment money received) q
	Debenture first call A/c	Dr.		60,000
	To Debenture A/c				60,000
	(Being first call money due on 2000 debenture @ ₹ 30 each)
	Bank A/c	Dr.		60,000
	To Debenture first call A/c				60,000
	(Being first call money received)
	Debenture final call A/c	Dr.		60,000
	To Debenture A/c				60,000
	(Being final call money due on 2000 debenture @ ₹ 3 per debenture)
	Bank A/c	Dr.		60,000
	To Debenture final call A/c				60,000
	(Being final call money received)

Working Note:

	Lot 1	Lot 2	Lot 3	Total
No. of Debenture applied	3,500	1,500	1,000	6,000
No. of debenture allotted	3,500	500	Nil	4,000
Over subscription	Nil	1,000	1,000	2,000
	₹	₹	₹	₹
Excess amount received of application		30,000	30,000	60,000
Adjusted towards allotment		30,000	Nil	30,000
Amount to be refunded			30,000	30,000