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Accountancy · 2022 · 5 marks
CBSE 2022 · Region 1 · Set 1 · Q9
Pass journal entries for issue of debentures for the following transactions : (i) Issued $\displaystyle 3,000$, $\displaystyle 11$% debentures of ₹ $\displaystyle 100$ each at par, redeemable at $\displaystyle 5$% premium. (ii) Issued $\displaystyle 4,000$, $\displaystyle 12$% debentures of ₹ $\displaystyle 100$ each at $\displaystyle 5$% premium, redeemable at $\displaystyle 10$% premium. (iii) Issued ₹ $\displaystyle 3,00,000$, $\displaystyle 9$% debentures of ₹ $\displaystyle 100$ each at par redeemable at par. (iv) Issued ₹ $\displaystyle 7,00,000$, $\displaystyle 9$% debentures at a discount of $\displaystyle 10$% redeemable at par. (v) Issued ₹ $\displaystyle 10,00,000$, $\displaystyle 9$% debentures of ₹ $\displaystyle 100$ each at $\displaystyle 10$% discount redeemable at $\displaystyle 5$% premium.
Marking-scheme solution
Journal
Date Particulars L.F. Debit Credit
Amount Amount
(₹) (₹)
(i) Bank A/c Dr. $\displaystyle 3,00,000$
To Debenture Application $\displaystyle 3,00,000$
and Allotment A/c
(Debenture application money
received)
Debenture Application and
Allotment A/c Dr.
$\displaystyle 3,00,000$
Loss on issue of Debenture A/c Dr.
$\displaystyle 15,000$
To $\displaystyle 11$% Debentures A/c
$\displaystyle 3,00,000$
To Premium on Redemption
$\displaystyle 15,000$
of Debenture A/c
(Issue of $\displaystyle 3,000$, $\displaystyle 11$% Debenture of ₹
$\displaystyle 100$ each at par, redeemable at $\displaystyle 5$%
premium)
(ii)
Bank A/c Dr. $\displaystyle 4,20,000$
To Debenture Application and $\displaystyle 4,20,000$
Allotment A/c
(Debenture application money
received)
Debenture Application and Allotment
$\displaystyle 4,20,000$
A/c Dr.
$\displaystyle 40,000$
Loss on issue of Debenture A/c Dr.
To $\displaystyle 12$% Debentures A/c
$\displaystyle 4,00,000$
To Securities Premium Reserve $\displaystyle 20,000$
To Premium on Redemption
$\displaystyle 40,000$
of Debenture A/c
(Issue of $\displaystyle 4,000$, $\displaystyle 12$% Debenture of ₹
$\displaystyle 100$ each at $\displaystyle 5$% premium, redeemable
at $\displaystyle 10$% premium)
(iii)
Bank A/c Dr. $\displaystyle 3,00,000$
To Debenture Application and $\displaystyle 3,00,000$
Allotment A/c
(Debenture application money
received)
Debenture Application and Allotment
$\displaystyle 3,00,000$
A/c Dr.
$\displaystyle 3,00,000$
To $\displaystyle 9$% Debentures A/c
(Issue of $\displaystyle 3,000$, $\displaystyle 9$% Debenture of ₹
$\displaystyle 100$ each at par redeemable at par)
(iv)
Bank A/c Dr. $\displaystyle 6,30,000$
To Debenture Application and $\displaystyle 6,30,000$
Allotment A/c
(Debenture application money
received)
Debenture Application and
Allotment A/c Dr.
$\displaystyle 6,30,000$
Discount / Loss on Issue of
Debentures A/c Dr.
$\displaystyle 70,000$
To $\displaystyle 9$% Debentures A/c
$\displaystyle 7,00,000$
(Issue of ₹$\displaystyle 7,00,000$, $\displaystyle 9$% Debenture
at a discount of $\displaystyle 10$% redeemable at
par)
(v)
Bank A/c Dr. $\displaystyle 9,00,000$
To Debenture Application and
Allotment A/c
$\displaystyle 9,00,000$
(Debenture application money
received)
Debenture Application and
$\displaystyle 9,00,000$
Allotment A/c Dr.
$\displaystyle 1,50,000$
Loss on issue of Debentures A/c
$\displaystyle 10,00,000$
Dr.
$\displaystyle 50,000$
To $\displaystyle 9$% Debenture A/c
To Premium on Redemption of
Debentures A/c
(Issue of $\displaystyle 10,000$, $\displaystyle 9$% Debenture of ₹
$\displaystyle 100$ each at $\displaystyle 10$% discount
redeemable at $\displaystyle 5$% premium)
PART—B
Option—$\displaystyle 1$
( Analysis of Financial Statement )
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CBSE Class 12 Accountancy past-paper question from the 2022board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.