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Question No 08 Chapter 3 – UNIMAX Class 12 Part 2 – 2021
On 1st April, 2018 Mayur Ltd. (an unlisted company) invited application for issuing 8,000, 5% debenture of ₹ 100 each at a discount of 5%. There debenture were repayable at the end of 3rd year at a premium of 10%. Application for 10,000 debenture were received and the debentures were on pro-rata basis to all the applicants excess money received with application was refunded.
The Directors decided to transfer the minimum amount to debenture redemption reserve on 31-3-21, the company invested the necessary amount in 8% bank fixed deposit as per the provision of the companies Act, 2013. Tax deducted at source by bank on interest @ 10%p.a.
The solution of Question 08 Chapter 3 of +2 Part-2: –
Journal
Books of Mayur Ltd.
Date | Particulars | L.F. | Debit | Credit | |
2018 | |||||
April 1 | Bank A/c | Dr. | 9,50,000 | ||
To Debenture application & allotment A/c | 9,50,000 | ||||
(Being application & allotment money received, 10,000*₹ 95) | |||||
April 1 | Debenture Application & Allotment A/c | Dr. | 9,50,000 | ||
Loss on issue of debenture A/c | Dr. | 1,20,000 | |||
To Debenture A/c | 8,00,000 | ||||
To Premium on redemption of debenture A/c | 80,000 | ||||
To Bank A/c | 1,90,000 | ||||
(Being allotment of debenture redeemable at 10% premium) | |||||
2019 March 31 | Statement of Profit & Loss A/c | Dr. | 1,20,000 | ||
To Loss on issue of debenture A/c | 1,20,000 | ||||
(Being loss on issue of debenture written off) | |||||
2021 March 31 | Surplus is statement in Profit & Loss A/c | Dr. | 80,000 | ||
To Debenture redemption reserve A/c | 80,000 | ||||
(Being transfer of profit equal to 10% of ₹ 8,00,000) | |||||
2022 March 31 | Debenture redemption investment A/c | Dr. | 1,20,000 | ||
To Bank A/c | 1,20,000 | ||||
(Being investment made @ 15% of ₹ 8,00,000) | |||||
2022 March 31 | Bank A/c | Dr. | 1,28,640 | ||
TDS deposited A/c | Dr. | 960 | |||
To Debenture Redemption Investment A/c | 1,20,000 | ||||
To Interest received A/c | 9,600 | ||||
(Being fixed deposit encashed on redemption) | |||||
March 31 | Debenture A/c | Dr. | 8,00,000 | ||
Premium on Redemption Reserve A/c | Dr. | 80,000 | |||
To Debenture holder A/c | 8,80,000 | ||||
(Being amount due to debenture holder) | |||||
March 31 | Debenture holder A/c | Dr. | 8,80,000 | ||
To Bank A/c | 8,80,000 | ||||
(Being amount paid on redemption) | |||||
March 31 | Debenture redemption reserve A/c | Dr. | 80,000 | ||
To General reserve A/c | 80,000 | ||||
(Being debenture redemption reserve transferred to general reserve) | |||||
March 31 | Interest received A/c | Dr. | 9,600 | ||
To Statement of Profit & Loss A/c | 9,600 | ||||
(Being transfer of interest on investment) |
End of Solution
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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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