Solution of question no. 33 , page no . 8.57 from TS Grewals

Asked by shruti | 2nd Jan, 2018, 10:31: PM

Expert Answer:

 

 

Journal Entries 

Sr. No.

Particulars

L.F.

Debit

Rs

Credit

Rs

a.

Bank A/c

Dr.

 

4,32,000

 
 

------To Debenture Application and Allotment A/c

 

   

4,32,000

 

(Being application money received on 4,000 9% debentures )

 

     
   

 

     
 

Debenture Application and Allotment A/c

Dr.

 

4,32,000

 
 

Loss on Issue of Debentures A/c

Dr.

 

40,000

 
 

------To 9% Debenture A/c

 

   

4,00,000

 

------To Securities Premium Reserve A/c

 

   

32,000

 

------To Premium on Redemption of debentures A/c

 

   

40,000

 

(Being 4,000 9% debenture issued at a premium of `8 and redeemable at premium of 10%)

 

     
   

 

     

b.

Bank A/c

Dr.

 

6,00,000

 
 

------To Debenture Application and Allotment A/c

 

   

6,00,000

 

(Being application money received on 6,000 9% debentures)

 

     
   

 

     
 

Debenture Application and Allotment A/c

Dr.

 

6,00,000

 
 

Loss On Issue of Debentures A/c

Dr.

 

60,00

 

 

------To 9% Debenture A/c

 

 

 

6,00,000

 

------To premium on Redemption of Debentures A/c

 

 

 

60,000

 

(Being 6,000 9Þbenture issued at par and redeemable at premium of 10%)

 

 

 

 

 

 

 

 

 

 

c.

Bank A/c

Dr.

 

10,50,000

 

 

------To Debenture Application and Allotment A/c

 

 

 

10,50,000

 

(Being application money received on 10,000 9% debentures)

 

 

 

 

 

 

 

 

 

 

 

Debenture Application and Allotment  A/c

Dr.

 

10,50,000

 

 

------To 9% Debenture A/c

 

 

 

10,00,000

 

------To Securities Premium Reserve A/c

 

 

 

50,000

 

(Being 1,000 9% debentures issued at a premium of `5)

 

 

 

 

 

Answered by Tharageswari S | 12th Jan, 2018, 01:03: PM

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