12th Class Accountancy Sample Paper Accountancy - Sample Paper-1

  • question_answer ABC Ltd issued 20,000, 9% debentures of Rs. 100 each at a discount of 4% payable Rs. 30 on application and the balance on allotment. The debentures are redeemable after 5 years. Give necessary journal entries for the issue of debentures.

    Answer:

     JOURNAL

    Date Particulars LF Amt (Dr) Amt (Cr)
    Bank A/c \[(20,000\times 30)\] Dr 6,00,000
    To Debenture Application A/c 6,00,000
    (Being the application money on 20,000 debentures @ Rs. 30 received)
    Debenture Application A/c Dr 6,00,000
    To 9% Debentures A/c 6,00,000
    (Being the debenture application money transferred to debentures account)
    Debenture Allotment A/c \[(20,000\times 66)\] Dr 13,20,000
    Discount on Issue of Debentures A/c \[(20,000\times 4)\] Dr 80,000
    To 9% Debentures A/c \[(20,000\times 70)\]
    (Being the allotment money due on 20,000 debentures) 14,00,000
    Bank A/c Dr 13,20,000
    To Debenture Allotment A/c 13,20,000
    (Being the amount received on allotment)


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