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Question no 31 Chapter 2- Class 12 Part 2 Unimax
Tajinder Ltd. issued 21,000, 10% debentures of ₹ 100 each of April 1,2021, the interest is paid half yearly on 30september and 31st March every year, the rate of income tax being 20%. Pass the necessary journal entries for the year 2022.
The solution of Question 31 Chapter 2 of +2 Part-2: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| 2021 | |||||
| April 1 | Bank A/c | Dr. | 21,00,000 | ||
| To Debenture Application & Allotment A/c | 21,00,000 | ||||
| (Being application money received) | |||||
| April 1 | Debenture Application & Allotment A/c | Dr. | 21,00,000 | ||
| To Debenture A/c | 21,00,000 | ||||
| (Being application money transferred to debentures account consequent upon allotment) | |||||
| Sept. 30 | Interest on debenture A/c | Dr. | 1,05,000 | ||
| To Debenture holder A/c | 84,000 | ||||
| To Income tax payable A/c | 21,000 | ||||
| (Being interest due for six months and income tax deducted at source) | |||||
| Sept. 30 | Debenture holder A/c | Dr. | 84,000 | ||
| To Bank A/c | 84,000 | ||||
| (Being the payment of interest) | |||||
| Sept. 30 | Income tax payable A/c | Dr. | 21,000 | ||
| To Bank A/c | 21,000 | ||||
| (Being the deposit of income tax deducted at source with the government) | |||||
| 2022 | |||||
| March 31 | Interest on debenture A/c | Dr. | 1,05,000 | ||
| To Debenture holders A/c | 84,000 | ||||
| To Income tax payable A/c | 21,000 | ||||
| (Being interest due for six months and income tax deducted at source) | |||||
| March 31 | Debenture holder A/c | Dr. | 84,000 | ||
| To Bank A/c | 84,000 | ||||
| (Being the payment of interest) | |||||
| March 31 | Income tax payable A/c | Dr. | 21,000 | ||
| To Bank A/c | 21,000 | ||||
| (Being the deposit of income tax deducted at source with the govt.) | |||||
| March 31 | Statement of Profit & Loss A/c | Dr. | 2,10,000 | ||
| To Interest on debenture A/c | 2,10,000 | ||||
| (Being the transfer of interest on debenture to statement of profit & loss account) | |||||
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 07 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.
- 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.
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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