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Question no 35 Chapter 2- Class 12 Part 2 Unimax

Question no 35 Chapter 2- Class 12 Part 2 Unimax

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Question no 35 Chapter 2- Class 12 Part 2 Unimax

Jassi Ltd. issue don 1st April, 2021, 10,000, 9% debenture of ₹ 100 each at 6% discount redeemable after five years at a premium of ₹ 10. All the debenture were subscribed. During the year ended 31st March, 2022, the company incurred a loss of ₹ 50,000. It has balance of ₹ 1,20,000 in Securities premium reserve.
Pass the journal entries for issue of debenture and writing off loss issue of debentures.

The solution of Question 35 Chapter 2 of +2 Part-2: –

JOURNAL
BOOKS OF JASSI LTD.

Date  Particulars
L.F.DebitCredit
2021     
 Bank A/cDr. 9,40,000 
 To Debenture application & allotment A/c   9,40,000
 (Being application money received for 10,000, 9% debentures)    
      
April 1Debentures application & allotment A/cDr. 9,40,000 
 Loss on issue of debenture A/cDr. 1,60,000 
 To Debentures A/c  10,00,000
 To Premium on redemption of debenture A/c  1,00,000
 (Being transfer of application money)    
2022     
 March 31Securities premium reserve A/cDr. 1,20,000 
 Statement of Profit & Loss A/cDr. 40,000 
 To Loss on issue of debenture A/c  1,60,000
 (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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Question no 19 Chapter 2- Class 12 Part 2 Unimax

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Question no 35 Chapter 2- Class 12 Part 2 Unimax

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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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