Raj Ltd issued 2000 12% Debentures of Rs.100
each et per payable Rs 25 application Rs.50 on allotment
and the balance on first and final call. In all 3 000 application were received
Answers
Answer:
Ts Grewal Vol. II 2018 for Class 12 Commerce Accountancy Chapter 18 - Issue Of Debentures
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Textbook Solutions Class 12 Accountancy Issue Of Debentures
Ts Grewal Vol. II 2018 Solutions for Class 12 Commerce Accountancy Chapter 18 Issue Of Debentures are provided here with simple step-by-step explanations. These solutions for Issue Of Debentures are extremely popular among Class 12 Commerce students for Accountancy Issue Of Debentures Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Ts Grewal Vol. II 2018 Book of Class 12 Commerce Accountancy Chapter 18 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Ts Grewal Vol. II 2018 Solutions. All Ts Grewal Vol. II 2018 Solutions for class Class 12 Commerce Accountancy are prepared by experts and are 100% accurate.
Page No 9.54:
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)