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Question no 07 Chapter 2- Class 12 Part 2 Unimax

Question no 07 Chapter 2- Class 12 Part 2 Unimax

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Question no 07 Chapter 2- Class 12 Part 2 Unimax

A Limited company made an issue of 10,000, 14% debentures of ₹ 100 each at 5 % discount, which was fully subscribed. The debentures were allotted on 31st July, 2022 subscription being payable 10% on application, 40% on allotment 25% on first call on 30th September, 2022 and the balance on 30th November, 2022.

The solution of Question 7 Chapter 2 of +2 Part-2: –

Journal

Date  Particulars
L.F.DebitCredit
 Bank A/cDr. 1,00,000 
 To Debenture application A/c   1,00,000
 (Being application money received on 10,000 @ ₹ 10 per debenture)    
 Debenture Application A/cDr. 1,00,000 
 To Debenture A/c  1,00,000
 (Being debenture application money transferred to 14% debenture a/c)    
31.7.22Debenture Allotment A/cDr. 4,00,000 
 Discount on issue of debenture A/cDr. 50,000 
 To Debentures A/c  4,50,000
 (Being allotment money due on 10,000 debenture @ ₹ 45 per debenture at a discount of ₹ 5 per debenture)    
31.7.22Bank A/cDr. 4,22,500 
 To Debenture allotment A/c  4,00,000
 To Calls in advance A/c  22,500
 (Being the allotment money received and advance amount received on 500 debenture @ ₹ 45)    
31.9.22Debenture first call A/cDr. 2,50,000 
 To Debenture A/c  2,50,000
 (Being first call money due on 10,000 debenture @ ₹ 25 per debenture)   
31.9.22Bank A/cDr. 2,37,500 
 Calls in advance A/cDr. 12,500 
 To Debenture first call A/c  2,50,000
 (Being first call money received and call in advance adjusted)   
31.11.22Debenture second and final call A/cDr. 2,00,000 
 To Debenture A/c  2,00,000
 (Being second and final call money due on 10,000 debenture @ ₹ 20 per debenture)   
31.11.22Bank A/cDr. 1,90,000 
 Calls in advance A/cDr. 10,000 
 To Second and final call A/c   2,00,000
 (Being Second and final call money received and calls in advance adjusted)    
31.11.22Interest on call in advance a/cDr. 650 
 To Bank   650
 (Being two months interest on 12500 and 4 months interest on ₹ 10,000 @ ₹ 12% p.a.)    

Working Note: 

Calculation of Interest on calls -in Advance .

(i) ₹ 1250 x 12/100 x 2/12 = 250

(ii)₹ 10000 X 12/100 X 4/12 = 400

Total  Int . on call -in Advance = 200 + 400 = 650 

End of Solution


Check Out the Solution of all questions for this chapter:

The solution to all questions of Chapter No. 2 – Issue of Debentures Class 12 Unimax is shown as follows, click on the image of the question to get the solution.

Question no 02 Chapter 2- Class 12 Part 2 Unimax

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Question no 14 Chapter 2- Class 12 Part 2 Unimax

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Question no 30 Chapter 2- Class 12 Part 2 Unimax

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1. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 1 Class 12 by Unimax

UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy Part 1 in Class 12. With their meticulously curated study material, students can access comprehensive solutions to all the questions in each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 12 examinations.

2. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 2 Class 12 by Unimax

UnimaxSolutions.in presents an exceptional resource for students studying Advanced Accountancy Part 2 in Class 12. With their comprehensive study material, students can conveniently access extensive solutions to all the questions in each chapter. By simply selecting the desired chapter from the study material, students can effortlessly navigate through the topics and gain access to detailed explanations and step-by-step solutions to every problem presented in that particular section. Whether it involves understanding intricate accounting principles, honing calculation techniques, or analyzing complex financial statements, Unimax provides a valuable tool to support students in their learning journey. Equipped with these comprehensive solutions, students can enhance their comprehension, resolve any uncertainties, and strengthen their problem-solving abilities in Advanced Accountancy, empowering them to excel in their Class 12 examinations with confidence.

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Punjab School Education Board (PSEB) Solutions of Usha Publication.

If you’re a student enrolled in the Punjab School Education Board Class 12, exploring a wide range of books to cover the syllabus thoroughly is essential. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to various writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.

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