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Get complete step-by-step solutions for USHA Publication Class 12 Part 2 2024 - Chapter No. 9 – Company Accounts (Issue of Debentures), USHA 2024 Part 2. Study double-entry system details, practice timed problems, and verify answers directly.
Chapter No. 9 – Company Accounts (Issue of Debentures), USHA 2024 Part 2
Question 1 Chapter 9 of Class 12 Part – 2 – 2024
1. (Issue at Par) X Ltd. issued 1,000, 5% Debentures of Rs. 100 each at par, payable Rs. 20 on application, Rs. 20 on allotment, Rs. 30 on first call and 30 on second call. All the amounts were duly received. Pass necessary journal entries.
We are providing a solution of Question 1 Chapter 9 of Class 12 Part – 2 – 2024 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:
The video consists solution of question numbers from 1 to 4 Chapter no. 9 class 12 of Usha publication. To check the direct solution of question no. 1 from the following video by using time stamps of the video.
https://youtu.be/bFAfqtbu0Mo?si=U5Vy6BBoQby2blTm
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| A) | Bank A/c (1,000X 20) | Dr. | 20,000 | ||
| To Debenture Application A/c | 20,000 | ||||
| (Being the receipt of app. Amount @ Rs. 20 on 1,000 debentures ) | |||||
| B) | Debenture Application A/c | Dr. | 20,000 | ||
| To 5% Debenture A/c | 20,000 | ||||
| (Being transfer of app. Money debenture A/c) | |||||
| C) | Debenture Allotment A/c (1,000 X 20) | Dr. | 20,000 | ||
| To 5% Debenture A/c | 20,000 | ||||
| (Being allotment money due ) | |||||
| D) | Bank A/c | Dr. | 20,000 | ||
| To Debenture Allotment A/c | 20,000 | ||||
| (Being allotment money received ) | |||||
| E) | Debenture First Call A/c (1,000 X 30) | Dr. | 30,000 | ||
| To 5% Debenture A/c | 30,000 | ||||
| (Being first call money due ) | |||||
| F) | Bank A/c | Dr. | 30,000 | ||
| To Debenture first call A/c | 30,000 | ||||
| (Being first call money received ) | |||||
| G) | Debenture Second & Final Call A/c (1,000 X 30) | Dr. | 30,000 | ||
| To 5% Debenture A/c | 30,000 | ||||
| (Being Second & final call money due ) | |||||
| H) | Bank A/c | Dr. | 30,000 | ||
| To Debenture Second & Final Call A/c | 30,000 | ||||
| (Being Second & final call money received ) | |||||
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.