Unimax Accountancy Class 12 Part 2 - 2023 Solutions Chapter 2 Debentures - Unimax

Question no 01 Chapter 2- Class 12 Part 2 Unimax

X Ltd. issued 1,200, 12% debentures of ₹ 100 each payable at ₹ 40 per debenture on application and ₹ 60 per debenture on allotment 1,000 debentures were subscribed for and all money as duly received. Pass the necessary journal entries.

The solution of Question no 01 Chapter 2- Class 12 Part 2 Unimax:

Journal
Books of M/S X Ltd.

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		40,000
	To Debenture application A/c				40,000
	(Being receipt of application debenture received @ ₹ 40 each)
	Debenture Application A/c	Dr.		40,000
	To Debenture A/c				40,000
	(Being debenture application money transferred to 12% debenture a/c)
	Debenture Allotment A/c	Dr.		60,000
	To Debentures A/c				60,000
	(Being allotment money due on 1000 debenture @ ₹ 60 each)
	Bank A/c	Dr.		60,000
	To Debenture allotment A/c				60,000
	(Being allotment money received on 1000 debenture @ ₹ 60 per shares)