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Question no 40 Chapter 2- Class 12 Part 2 Unimax

Question no 40 Chapter 2- Class 12 Part 2 Unimax

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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, 20203,000 Debenture
On 31st March, 20217,500 Debenture
On 31st March, 20224,500 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.DebitCredit
2019     
April 1Bank A/cDr. 14,25,000 
 To Debenture Application & Allotment A/c   14,25,000
 (Being debenture application money received)    
      
April 1Debenture Application & Allotment A/cDr. 14,25,000 
 Discount on issue of debenture A/cDr. 75,000 
 To Debenture A/c  15,00,000
 (Being 15,000, 12% debentures of ₹ 100 each issue at 5% discount)    
2020     
March 31Debenture interest A/cDr. 1,80,000 
 To Debenture holder A/c  1,80,000
 (Being interest due @ 12% p.a. on ₹ 15,00,000)    
      
 Debenture holder A/cDr. 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/cDr. 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/cDr. 75,000 
 To Discount on issue of debenture A/c  75,000
 (Being discount on issue of debentures written off)   
2021      
March 31Debenture interest A/cDr. 1,44,000 
 To Debenture holder A/c  1,44,000
 (Being interest due @ ₹ 12% p.a. on ₹ 12,00,000)   
      
 Debenture holder A/cDr. 1,44,000 
 To Bank A/c   1,44,000
 (Being interest paid to debenture holders)    
      
 Statement of profit & loss A/cDr. 1,44,000 
 To Debentures interest A/c   1,44,000
 (Being transfer of debenture interest to statement of profit and loss)    
2022      
March 31Debentures interest A/cDr. 54,000 
 To debenture holder A/c   54,000
 (Being interest due @ ₹ 12% p.a. ₹ 4,50,000)    
      
 Debenture holder A/cDr. 54,000 
 To Bank A/c   54,000
 (Being interest paid to debenture holder)    
      
 Statement of Profit & Loss A/cDr. 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  ParticularsCR (₹)
2021  2022  
April 1To 12% Debentures A/c75,000March 31By Statement of Profit Loss75,000
  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.

Question no 04 Chapter 2- Class 12 Part 2 Unimax

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Question no 16 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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