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Question No 07 Chapter 3 – UNIMAX Class 12 Part 2 – 2021
Hari Ltd. (an unlisted company) 25,000,6% debentures of ₹ 100 each on March 31,2017 redeemable at a premium of 6% on 30th sept. 2022. The board of Directors decided to transfer the required amount to debenture redemption reserve in three equal annual instalments starding with March 31,2020. Recording necessary journal entries regarding issue and redemption of debenture. Ignore entries relating to writing off loss on issue of debenture and interest paid thereon.
The solution of Question 07 Chapter 3 of +2 Part-2: –
Journal
Books of Hari Ltd.
| Date | Particulars | L.F. | Debit | Credit | |
| 2017 | |||||
| March 31 | Bank A/c | Dr. | 25,00,000 | ||
| To Debenture application & allotment A/c | 25,00,000 | ||||
| (Being application money received on issue of debenture) | |||||
| March 31 | Debenture Application & Allotment A/c | Dr. | 25,00,000 | ||
| Loss on issue of debenture A/c | Dr. | 1,50,000 | |||
| To Debenture A/c | 25,00,000 | ||||
| To Premium on redemption of debenture A/c | 1,50,000 | ||||
| (Being transfer of application money) | |||||
| 2019 March 31 | Statement of Profit & Loss A/c | Dr. | 1,50,000 | ||
| To Loss on issue of debenture A/c | 1,50,000 | ||||
| (Being loss on issue of debenture written off) | |||||
| 2020 March 31 | Surplus is statement in Profit & Loss A/c | Dr. | 83,333 | ||
| To Debenture redemption reserve A/c | 83,333 | ||||
| (Being transfer of profit Debenture Redemption Reserve) | |||||
| 2021 March 31 | Surplus is statement in Profit & Loss A/c | Dr. | 83,333 | ||
| To Debenture redemption reserve A/c | 83,333 | ||||
| (Being transfer of profit to Debenture Redemption Reserve) | |||||
| 2022 March 31 | Surplus is statement in Profit & Loss A/c | Dr. | 83,333 | ||
| To Debenture redemption reserve A/c | 83,333 | ||||
| (Being transfer of profit to Debenture Redemption Reserve) | |||||
| April 30 | Debenture redemption investment A/c | Dr. | 3,75,000 | ||
| To Bank A/c | 3,75,000 | ||||
| (Being investment made @ 15% of the face value of debenture to be redeemed) | |||||
| Sept.30 | Bank A/c | Dr. | 3,75,000 | ||
| To Debenture Redemption Investment A/c | 3,75,000 | ||||
| (Being investment encashed) | |||||
| Sept.30 | Debenture A/c | Dr. | 25,00,000 | ||
| Premium on Redemption Reserve A/c | Dr. | 1,50,000 | |||
| To Debenture holder A/c | 26,50,000 | ||||
| (Being amount due to debenture holder on redemption of debenture) | |||||
| Sept. 30 | Debenture holder A/c | Dr. | 26,50,000 | ||
| To Bank A/c | 26,50,000 | ||||
| (Being payment of amount due to debenture holders) | |||||
| Sept. 30 | Debenture redemption reserve A/c | Dr. | 2,50,000 | ||
| To General reserve A/c | 2,50,000 | ||||
| (Being Debenture Redemption Reserve transferred to General Reserve) | |||||
End of Solution
Check Out the Solution of all questions for this chapter:
The solution to all questions of Chapter No. 3 – Redemption of Debentures Class 12 Unimax is shown as follows, click on the image of the question to get the solution.
Question No 09 Chapter 3 – UNIMAX Class 12 Part 2 – 2021
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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.
- Chapter No. 1 – Accounts of Non-Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
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.
- 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
Punjab School Education Board (PSEB) Solutions of Usha Publication.
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