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VDO+ Tag:Question 17 Chapter 9 of Class 12 Part – 2 – 2024
17. (Issue at discount/Call in advance) A limited company made an issue of 10,000, 14% debentures of Rs. 100 each at 5% discount, which was fully subscribed. The debentures were allotted on 31st July, 2017 subscription being payable 10% on application, 40% on allotment 25% on 30th September, 2017 and the balance on 30th November, 2017.
Under the terms of issue, payment could be made in full on 31st July, 2017. Interest on any such repayment is payable at the rate of 12% per annum. Such interest is not deductible from the subscriber’s payment, but is payable by the company on 30th November, 2017.
The allotee of 500 debentures took advantage of the pre- payment terms, while others paid on the due dates.
Journalise the entries to be made in the company’s book
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Video Tag:The solution of Question 17 Chapter 9 of Class 12 Part – 2 – 2024:-
We are providing a solution of Question 17 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:
1. Check out the Solution of this question in Video Format:-
The video consists solution of question numbers from 17 to 20 Chapter no. 9 class 12 of Usha publication. To check the direct solution of question no. 17 from the following video by using time stamps of the video.
2. Check out the Solution of Question 17 Chapter 9 of Class 12 Part – 2 – 2024 in Article Format:-
| Journal |
|||||
| Date | Particulars |
L.F. | Debit ₹ | Credit ₹ | |
| 2018 | Bank A/c | Dr. | 1,00,000 | ||
| July 1 | To Debentures Application A/c | 1,00,000 | |||
| (Being application money received on @ ₹ 10 on 10,000 debentures) | |||||
| Debentures Application A/c | Dr. | 1,00,000 | |||
| To 14% Debentures A/c | 1,00,000 | ||||
| (Being transfer of application money) | |||||
| July 31 | Debentures Allotment A/c | Dr. | 4,00,000 | ||
| Discount on issues of Debentures A/c | Dr. | 50,000 | |||
| To 14% Debentures A/c | 4,50,000 | ||||
| (Being allotment money due & discount on issue credited to debentures A/c) | |||||
| Bank A/c | Dr. | 4,22,500 | |||
| To Debentures allotment A/c | 4,00,000 | ||||
| To calls –in- advance A/c | 22,500 | ||||
| (Being amount received on allotment + calls-in-advance on 5000 debentures) | |||||
| Debentures first call A/c | Dr. | 2,50,000 | |||
| To 14% Debentures A/c | 2,50,000 | ||||
| (Being amount due on first call) | |||||
| Sept. 1 | Bank A/c | Dr. | 2,37,500 | ||
| Calls-in-advance A/c | 12,500 | ||||
| To Debentures first call A/c | 2,50,000 | ||||
| (Being amount received on first call on 89,500 debentures & balance charged to calls-in-advance) | |||||
| Debentures final A/c | Dr. | 2,00,000 | |||
| To 14% Debentures A/c | 2,00,000 | ||||
| (Being amount due on final call on 10,00 debentures @ Rs. 20 per debentures) | |||||
| Nov 30 | Bank A/c | Dr. | 1,90,000 | ||
| Calls-in-advance A/c | Dr. | 10,000 | |||
| To Debentures first call A/c | 2,00,000 | ||||
| (Being amount received on final call) | |||||
| Interest on calls-in-arrears A/c | Dr. | 650 | |||
| To Bank A/c | 650 | ||||
| (Being payment of interest on calls-in-advance ) | |||||
1. Amount due per debentures on final call :
Nominal value – (Application + Allotment + Discount + First call )
i.e, 100 -(10 + 40 + 5 + 25) = Rs. 20
2. Amount received as calls-in-advance :
500 (25+20) = Rs. 22,500
3. Interest payable on calls-in-advance :
(i) 22,500 X 12% X 2/12 = Rs. 450[ August September ]
(ii) 10,000 X 12% X 2/12 = Rs. 200/650 [ October November ]
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Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 2 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
Chapter No. 11 – Financial Statements of a Company
Chapter No. 12 – Financial Statement Analysis
Chapter No. 13 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 14 – Ratio Analysis
Chapter No. 15 – Cash Flow Statement
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 2 Class 12 by Unimax Publication
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
Check out Part 1 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 1, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 1 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 1 Class 12 by Unimax Publication