Question 1:
Epson Ltd. issued
40,000; 10% Debentures of `
100 each at par for cash payable in full along with the application.
Applications were received for 60,000 debentures
. Debentures were allotted and excess application money was refunded. Pass
Journal entries in the books of the company.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (`) |
Credit (`) |
|
|
|
Bank A/c (60,000 ×100) |
Dr. |
|
60,00,000 |
|
|
|
To Debenture Application and
Allotment A/c |
|
|
|
60,00,000 |
|
|
(Received application money on
60,000 Debenture) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture Application and Allotment
A/c |
Dr. |
|
60,00,000 |
|
|
|
To 10% Debentures A/c
(40,000 ×100) |
|
|
|
40,00,000 |
|
|
To Bank A/c |
|
|
|
20,00,000 |
|
|
(Application money transferred to
Debentures A/c) |
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Question 2:
Saurab
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 JS Ltd. |
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|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
|
Bank
A/c |
Dr. |
|
50,000 |
|
|
|
To 9% Debenture
Application A/c |
|
|
50,000 |
|
|
|
(Debenture
application money received for 2,000 debentures at ` 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 ` 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 ` 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) |
|
|
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|
Question 3:
DrogaLtd. issued
2,000; 9% Debentures of `
100 each on the following terms:
`20 on applications
;` 20 on allotment
; ` 30 on first call
; ` 30 on final call.
The public applied for 2,400 debentures. Applications for 1,800 debentures were
accepted in full. Applications for 400 debentures were allotted 200
debentures and applications for 200 debentures were rejected. Pass
necessary Journal entries.
Answer:
|
Books of DrogaLtd. |
|||||
|
Journal |
|||||
|
Date |
Particular |
L.F. |
Debit ` |
Credit ` |
|
|
|
Bank
A/c |
Dr. |
|
48,000 |
|
|
|
To 9% Debenture
Application A/c |
|
|
48,000 |
|
|
|
(Debenture
application money received for 2,400 debentures at ` 20 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
9%
Debenture Application A/c |
Dr. |
|
48,000 |
|
|
|
To 9% Debentures A/c |
|
|
40,000 |
|
|
|
To 9% Debentures
Allotment A/c |
|
|
4,000 |
|
|
|
To Bank A/c |
|
|
4,000 |
|
|
|
(Debenture
application money transferred to 9% Debenture account for 2,000 Debenture,
adjusted to Debenture Allotment account for 200 Debentures and money refunded
for 200 debentures) |
|
|
|
|
|
|
|
|
|
|
|
|
|
9%
Debenture Allotment A/c |
Dr. |
|
40,000 |
|
|
|
To 9% Debentures A/c |
|
|
40,000 |
|
|
|
(Debenture
allotment money due on 2,000 debentures at ` 20 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank
A/c |
Dr. |
|
36,000 |
|
|
|
To 9% Debentures
Allotment A/c |
|
|
36,000 |
|
|
|
(Debenture
allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture
First Call A/c |
Dr. |
|
60,000 |
|
|
|
To 9% Debentures A/c |
|
|
60,000 |
|
|
|
(Debenture
first call money due on 2,000 9% debenture at ` 30 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank
A/c |
Dr. |
|
60,000 |
|
|
|
To Debenture First Call
A/c |
|
|
60,000 |
|
|
|
(Debenture
first call money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture
Final Call A/c |
Dr. |
|
60,000 |
|
|
|
To 9% Debentures A/c |
|
|
60,000 |
|
|
|
(Debentures
final call money due on 2,000 9% Debentures at ` 30 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank
A/c |
Dr. |
|
60,000 |
|
|
|
To Debenture Final Call
A/c |
|
|
60,000 |
|
|
|
(Debenture
final call received on 2,000 9% Debenture at ` 30 each) |
|
|
|
|
|
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Quesiton 4:
Super Seals Ltd. issued 10,000,
8% Debentures of `100 each at par for subscription
payable `40 on application, `30 on allotment and balance as first and
final call. Debentures issued were applied and allotment was made. First and
Final Call is yet to be made.
You are required to pass the necessary Journal entries.
Answer:
|
Books of Super Seals Ltd. |
|
|||||
|
Journal |
|
|||||
|
Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
|
|
Bank
A/c |
Dr. |
|
4,00,000 |
|
|
|
|
To 6% Debenture Application
A/c |
|
|
4,00,000 |
|
|
|
|
(Debenture
application money received for 10,000 debentures at ` 40 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6%
Debenture Application A/c |
Dr. |
|
4,00,000 |
|
|
|
|
To 6% Debenture A/c |
|
|
4,00,000 |
|
|
|
|
(Debenture
application money transferred to 9% Debentures A/c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6%
Debenture Allotment A/c |
Dr. |
|
3,00,000 |
|
|
|
|
To 9% Debentures A/c |
|
|
3,00,000 |
|
|
|
|
(Debenture
allotment money due on 10,000 Debentures at ` 30 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank
A/c |
Dr. |
|
3,00,000 |
|
|
|
|
To 6% Debenture Allotment
A/c |
|
|
3,00,000 |
|
|
|
|
(Debenture
allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|||||
Question 5:
NarainLaxmi
Ltd. invited applications for issuing 7,500; 12% Debentures of ` 100 each at a premium of ` 35 per debenture. The full amount was payable on
application. Applications were received for 10,000 Debentures. Allotment was
made to all the applications on pro rata.
Pass necessary Journal entries for the above transactions in the books of NarainLaxmi Ltd.
Answer:
|
In the Books of
NarainLaxmi Ltd. Journal |
|
|||||
|
Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
||
|
|
Bank A/c (10,000 debentures × 135) |
Dr. |
|
13,50,000 |
|
|
|
|
To
Debenture Application and Allotment A/c |
|
|
|
13,50,000 |
|
|
|
(Application money received on 10,000 12% debenture) |
|
|
|
||
|
|
|
|
|
|
||
|
|
Debenture
Application and Allotment A/c |
Dr. |
|
13,50,000 |
|
|
|
|
To
12% Debentures A/c |
|
|
|
7,50,000 |
|
|
|
To
Securities Premium Reserve A/c |
|
|
|
2,62,500 |
|
|
|
To
Bank A/c |
|
|
|
3,37,500 |
|
|
|
(7,500; 12% Debentures of ` 100 each issued at a premium of ` 35 and excess money refunded) |
|
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Ts Grewal Solution 2024-2025
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Class 12 / Volume – 2