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Question No 09 Chapter 3 – UNIMAX Class 12 Part 2 – 2021
Pooja Ltd. (an unlisted company) issued 3,000, 10% debenture of ₹1,000 each at par on 1st April, 2020 redeemable in three equal half yearly instalments by draw of lots beginning 30th sept. 2021. The company complied with the requirements of the companies Act, 2013 with respect to debenture redemption reserve.
Pass the journal entries assuming the investment was in cashed each time the debentures were redeemed. (Ignore interest.)
The solution of Question 09 Chapter 3 of +2 Part-2: –
Journal
Books of Pooja Ltd.
| Date | Particulars | L.F. | Debit | Credit | |
| 2020 | |||||
| April 1 | Bank A/c | Dr. | 30,00,000 | ||
| To Debenture application A/c | 30,00,000 | ||||
| (Being the debenture applications received for 3,000 debenture @ ₹ 1,000 Per debenture) | |||||
| April 1 | Debenture Application A/c | Dr. | 30,00,000 | ||
| To Debenture A/c | 30,00,000 | ||||
| (Being the 10% debenture allotted) | |||||
| 2021 March 31 | Surplus is statement in Profit & Loss A/c | Dr. | 3,00,000 | ||
| To Debenture redemption reserve A/c | 3,00,000 | ||||
| (Being 25% value of the debenture issued transfer to DRR) | |||||
| April 30 | Debenture redemption investment A/c | Dr. | 3,00,000 | ||
| To Bank A/c | 3,00,000 | ||||
| (Being investment equal to 15% of the amount of debenture to redeem 15% of ₹ 20,00,000) | |||||
| Sept. 30 | Bank A/c | Dr. | 1,50,000 | ||
| To Debenture redemption investment A/c | 1,50,000 | ||||
| (Being the half value of investments encashed before redeem of 1st lot of debentures) | |||||
| Sept. 30 | Debenture A/c | Dr. | 10,00,000 | ||
| To Debenture holder A/c | 10,00,000 | ||||
| (Being the first lot.1/3 debenture become due for redemption) | |||||
| Sept.30 | Debenture holder A/c | Dr. | 10,00,000 | ||
| To Bank A/c | 10,00,000 | ||||
| (Being payment to debenture holder) | |||||
| Debenture Redemption Reserve A/c | Dr. | 1,00,000 | |||
| To General reserve A/c | 1,00,000 | ||||
| (Being transfer of proportional amount of DRR to GR) | |||||
| 2022 March 31 | Bank A/c | Dr. | 1,50,000 | ||
| To Debenture Redemption investment A/c | 1,50,000 | ||||
| (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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