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Question no 34 Chapter 2- Class 12 Part 2 Unimax
On 1-4-2021, Riya Ltd. issued 30,000 8% debentures of ₹ 100 each at a discount of 5% redeemable at a premium of 8% after three years. The amount was payable as follows:
On application ₹ 40per debenture.
Balance on allotment
Riya has a balance of ₹ 60,000 in Securities premium reserve and ₹ 1,50,000 in General reserve. Profit for the year was ₹ 2,00,000.
Pass the journal entries for issue of debentures and writing off loss on issue of debentures.
The solution of Question 34 Chapter 2 of +2 Part-2: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| 2021 | |||||
| April 1 | Bank A/c | Dr. | 12,00,000 | ||
| To Debenture Application A/c | 12,00,000 | ||||
| (Being receipt of application money on 30,000 debentures @ ₹ 40 each) | |||||
| April 1 | Debenture Application A/c | Dr. | 12,00,000 | ||
| To Debenture A/c | 12,00,000 | ||||
| (Being application money transferred to debentures account) | |||||
| April 1 | Debenture allotment A/c | Dr. | 16,50,000 | ||
| Loss on issue of debentures A/c | Dr. | 3,90,000 | |||
| To Debenture A/c | 18,00,000 | ||||
| To Premium on Redemption A/c | 2,40,000 | ||||
| (Being amount due @ ₹ 55 each on 30,000 debentures issued at 5% discount and redeemable at 8% premium) | |||||
| April 1 | Bank A/c | Dr. | 1,65,000 | ||
| To Debenture allotment A/c | 1,65,000 | ||||
| (Being allotment money received) | |||||
| 2022 | |||||
| March 31 | Securities premium reserve A/c | Dr. | 60,000 | ||
| General reserve A/c | Dr. | 1,50,000 | |||
| Statement of Profit & Loss A/c | Dr. | 1,80,000 | |||
| To Loss on issue of debenture A/c | 3,90,000 | ||||
| (Being loss on issue of debenture written off) | |||||
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.
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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.
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