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

Question no -08 Chapter no -2 Unimax Class -12 Part - II
Question no -08 Chapter no -2 Unimax Class -12 Part - II

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

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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.DebitCredit
 Bank A/cDr. 48,000 
 To Debenture application A/c   48,000
 (Being application money received on 2400 debenture @ ₹ 20 each)    
 Debenture Application A/cDr. 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/cDr. 40,000 
 To Debentures A/c  40,000
 (Being allotment money due on 2000 debenture @ ₹ 20 per share)    
 Bank A/cDr. 36,000 
 To Debenture allotment A/c  36,000
 (Being the allotment money received) q    
 Debenture first call A/cDr. 60,000 
 To Debenture A/c  60,000
 (Being first call money due on 2000 debenture @ ₹ 30 each)   
 Bank A/cDr. 60,000 
 To Debenture first call A/c  60,000
 (Being first call money received)   
 Debenture final call A/cDr. 60,000 
 To Debenture A/c  60,000
 (Being final call money due on 2000 debenture @ ₹ 3 per debenture)   
 Bank A/cDr. 60,000 
 To Debenture final call A/c   60,000
 (Being final call money received)    

Working Note: 

 Lot 1Lot 2Lot 3Total
No. of Debenture applied3,5001,5001,0006,000
No. of debenture allotted3,500500Nil4,000
Over subscriptionNil1,0001,0002,000
 
Excess amount received of application 30,00030,00060,000
Adjusted towards allotment 30,000Nil30,000
Amount to be refunded  30,00030,000

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