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Accountancy · 2023 · 6 marks
CBSE 2023 · Region 5 · Set 1 · Q26
Chiranjeevi Limited issued $\displaystyle 2,000$, $\displaystyle 10$% debentures of ₹ $\displaystyle 100$ each. Pass the necessary Journal entries for the issue of debentures in the following cases : ($\displaystyle 3$) When debentures were issued at $\displaystyle 10$% premium, redeemable at $\displaystyle 5$% premium. (b) When debentures were issued at $\displaystyle 5$% discount, redeemable at $\displaystyle 10$% premium. (C) When debentures were issued at par, redeemable at a premium of $\displaystyle 10$%.
Marking-scheme solution
Books of Chiranjeevi Ltd.
JOURNAL
Date Particulars L.F. Dr. Cr.
(`) (`)
Amount Amount
(a)
Bank A/c Dr. $\displaystyle 2,20,000$
To Debenture Application & Allotment A/c $\displaystyle 2,20,000$
(application amount received on $\displaystyle 2,000$
debentures)
Debenture Application & Allotment A/c Dr. $\displaystyle 2,20,000$
Loss on Issue of Debentures A/c Dr. $\displaystyle 10,000$
To $\displaystyle 10$% Debentures A/c $\displaystyle 2,00,000$
To Securities Premium or $\displaystyle 20,000$
Securities Premium Reserve A/c
To Premium on Redemption of Debentures A/c $\displaystyle 10,000$
(application amount transferred to
debentures a/c, securities premium a/c and
provision for premium on redemption of
debentures made)
(b)
Bank A/c Dr. $\displaystyle 1,90,000$
To Debenture Application & Allotment A/c $\displaystyle 1,90,000$
(application amount received on $\displaystyle 2,000$
debentures)
Debenture Application & Allotment A/c Dr. $\displaystyle 1,90,000$
Loss on Issue of Debentures A/c Dr. $\displaystyle 30,000$
To $\displaystyle 10$% Debentures A/c $\displaystyle 2,00,000$
To Premium on Redemption of Debentures A/c $\displaystyle 20,000$
(application amount transferred to
debentures a/c and provision for premium on
redemption of debentures made)
(c)
Bank A/c Dr. $\displaystyle 2,00,000$
To Debenture Application & Allotment A/c $\displaystyle 2,00,000$
(application amount received on $\displaystyle 2,000$
debentures)
Debenture Application & Allotment A/c Dr. $\displaystyle 2,00,000$
Loss on Issue of Debentures A/c Dr. $\displaystyle 20,000$
To $\displaystyle 10$% Debentures A/c $\displaystyle 2,00,000$
To Premium on Redemption of Debentures A/c $\displaystyle 20,000$
(application amount transferred to
debentures a/c and provision for premium on
redemption of debentures made)
PART B
OPTION - I
(ANALYSIS OF FINANCIAL STATEMENTS)
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CBSE Class 12 Accountancy past-paper question from the 2023board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.