Question No 8 Chapter 2 – UNIMAX Class 12 Part 2 – 2021
Table of Contents
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 |
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
- 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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
