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Question no 40 Chapter 2- Class 12 Part 2 Unimax
On 1st April, 2019, Sun India Ltd. issued 15,000, 12% debentures of ₹ 10 each at a discount of 5%, redeemable at par as follows:
| On 31st March, 2020 | 3,000 Debenture |
| On 31st March, 2021 | 7,500 Debenture |
| On 31st March, 2022 | 4,500 Debenture |
Interest is paid annually on 31st March.
You are required to pass the journal entries, including for interest for the three years and prepare Discount on issue of debentures account.
The solution of Question 40 Chapter 2 of +2 Part-2: –
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| 2019 | |||||
| April 1 | Bank A/c | Dr. | 14,25,000 | ||
| To Debenture Application & Allotment A/c | 14,25,000 | ||||
| (Being debenture application money received) | |||||
| April 1 | Debenture Application & Allotment A/c | Dr. | 14,25,000 | ||
| Discount on issue of debenture A/c | Dr. | 75,000 | |||
| To Debenture A/c | 15,00,000 | ||||
| (Being 15,000, 12% debentures of ₹ 100 each issue at 5% discount) | |||||
| 2020 | |||||
| March 31 | Debenture interest A/c | Dr. | 1,80,000 | ||
| To Debenture holder A/c | 1,80,000 | ||||
| (Being interest due @ 12% p.a. on ₹ 15,00,000) | |||||
| Debenture holder A/c | Dr. | 1,80,000 | |||
| To Bank A/c | 1,80,000 | ||||
| (Being transfer of debenture interest to statement of profit and loss) | |||||
| Statement of Profit & Loss A/c | Dr. | 1,80,000 | |||
| To Debenture interest A/c | 1,80,000 | ||||
| (Being transfer of debenture interest of statement of profit and loss) | |||||
| Statement of Profit & Loss A/c | Dr. | 75,000 | |||
| To Discount on issue of debenture A/c | 75,000 | ||||
| (Being discount on issue of debentures written off) | |||||
| 2021 | |||||
| March 31 | Debenture interest A/c | Dr. | 1,44,000 | ||
| To Debenture holder A/c | 1,44,000 | ||||
| (Being interest due @ ₹ 12% p.a. on ₹ 12,00,000) | |||||
| Debenture holder A/c | Dr. | 1,44,000 | |||
| To Bank A/c | 1,44,000 | ||||
| (Being interest paid to debenture holders) | |||||
| Statement of profit & loss A/c | Dr. | 1,44,000 | |||
| To Debentures interest A/c | 1,44,000 | ||||
| (Being transfer of debenture interest to statement of profit and loss) | |||||
| 2022 | |||||
| March 31 | Debentures interest A/c | Dr. | 54,000 | ||
| To debenture holder A/c | 54,000 | ||||
| (Being interest due @ ₹ 12% p.a. ₹ 4,50,000) | |||||
| Debenture holder A/c | Dr. | 54,000 | |||
| To Bank A/c | 54,000 | ||||
| (Being interest paid to debenture holder) | |||||
| Statement of Profit & Loss A/c | Dr. | 54,000 | |||
| To Debentures interest A/c | 54,000 | ||||
| (Being transfer of debenture interest to statement of profit and loss) | |||||
DISCOUNT ON ISSUE OF DEBENTURES ACCOUNT
| Date | Particulars | Dr. (₹) | Date | Particulars | CR (₹) |
| 2021 | 2022 | ||||
| April 1 | To 12% Debentures A/c | 75,000 | March 31 | By Statement of Profit Loss | 75,000 |
| 75,000 | 75,000 |
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.
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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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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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