7. R Limited issued a debenture of Rs
100 each at Rs 90. The underwriting
commission will be paid on
Answers
Answer:
Question 1:
Vishwas Ltd. issued 2,000; 9% Debentures of ₹ 100 each payable as follows:
₹ 25 on application; ₹ 25 on allotment and ₹ 50 on first and final call.
Applications were received for all the debentures along with the application money did allotment was made . Call money was also received on the due date.
Pass necessary Journal entries in the books of the company.
ANSWER:
Books of Vishwas Ltd.
Journal
Date
Particulars
L.F.
Debit Amount
Rs
Credit Amount
Rs
Bank A/c
Dr.
50,000
To 9% Debenture Application A/c
50,000
(Debenture application money received for 2,000 debentures at Rs 25 each)
9% Debenture Application A/c
Dr.
50,000
To 9% Debenture A/c
50,000
(Debenture application money transferred to 9% Debentures A/c)
9% Debenture Allotment A/c
Dr.
50,000
To 9% Debentures A/c
50,000
(Debenture allotment money due on 2,000 Debentures at Rs 25 each)
Bank A/c
Dr.
50,000
To 9% Debenture Allotment A/c
50,000
(Debenture allotment money received)
9% Debenture First and Final Call A/c
Dr.
1,00,000
To 9% Debentures A/c
1,00,000
(Debenture first and final call money due on 2,000 debentures at Rs 50 each)
Bank A/c
Dr.
1,00,000
To 9% Debenture First and Final Call A/c
1,00,000
(Debenture first and final call received)
Step-by-step explanation:
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Answer:
R Limited issued a debenture of Rs
100 each at Rs 90. The underwriting
commission will be paid on