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Accountancy · 2022 · 5 marks
CBSE 2022 · Region 5 · Set 1 · Q8
Pass journal entries relating to issue of debentures for the following transactions (H) Issued 8,000, 10% debentures of ₹ 100 each at a discount of…
Pass journal entries relating to issue of debentures for the following transactions (H) Issued $\displaystyle 8,000$, $\displaystyle 10$% debentures of ₹ $\displaystyle 100$ each at a discount of $\displaystyle 10$%, redeemable at $\displaystyle 5$% premium. (b) Issued $\displaystyle 4,000$, $\displaystyle 12$% debentures of $\displaystyle 100$ each at $\displaystyle 10$% premium, redeemable at $\displaystyle 6$% premium. (cl Issued ₹ $\displaystyle 1,00,000$, $\displaystyle 9$% debentures of $\displaystyle 100$ each at par redeemable at par. (d) Issued ₹ $\displaystyle 5,00,000$, $\displaystyle 9$% debentures of ₹ $\displaystyle 100$ each at $\displaystyle 10$% premium redeemable at par. (e) Issued $\displaystyle 6,000$, $\displaystyle 9$% debentures of; $\displaystyle 100$ each at a discount of $\displaystyle 10$% redeemable at par.
Marking-scheme solution
Journal
Date Particulars L.F. Debit Credit
Amount Amount
(₹) (₹)
(a) Bank A/c Dr. $\displaystyle 7,20,000$
To Debenture Application
and Allotment A/c $\displaystyle 7,20,000$
(Debenture application money received)
Debenture Application and Allotment A/c
Dr. $\displaystyle 7,20,000$
Loss on Issue of
Debentures A/c Dr. $\displaystyle 1,20,000$
To $\displaystyle 10$% Debentures A/c $\displaystyle 8,00,000$
To Premium on Redemption
of Debentures A/c $\displaystyle 40,000$
(Debenture application money transferred
to debentures account)
(b)
Bank A/c Dr. $\displaystyle 4,40,000$
To Debenture Application $\displaystyle 4,00,000$
and Allotment A/c
(Debenture application money received)
Debenture Application and
Allotment A/c Dr. $\displaystyle 4,40,000$
Loss on issue of
Debentures A/c Dr. $\displaystyle 24,000$
To $\displaystyle 12$% Debentures A/c $\displaystyle 4,00,000$
To Securities Premium Reserve A/c $\displaystyle 40,000$
To Premium on Redemption of
Debenture A/c $\displaystyle 24,000$
(Debenture application money transferred
to debentures account)
(c)
Bank A/c Dr. $\displaystyle 1,00,000$
To Debenture Application $\displaystyle 1,00,000$
and Allotment A/c
(Debenture application money received)
Debenture Application
and Allotment A/c Dr. $\displaystyle 1,00,000$
To $\displaystyle 9$% Debentures A/c $\displaystyle 1,00,000$
(Debenture application money transferred
to debentures account)
(d)
Bank A/c Dr. $\displaystyle 5,50,000$
To Debentures Application
and Allotment A/c $\displaystyle 5,50,000$
(Debenture application money received)
Debentures Application
and Allotment A/c Dr. $\displaystyle 5,50,000$
To $\displaystyle 9$% Debentures A/c $\displaystyle 5,00,000$
To Securities Premium
Reserve A/c $\displaystyle 50,000$
(Debenture application money transferred
to debentures and securities premium
reserve account)
(e)
Bank A/c Dr. $\displaystyle 5,40,000$
To Debentures Application
and Allotment A/c $\displaystyle 5,40,000$
(Debenture application money received)
Debenture Application
and Allotment A/c Dr. $\displaystyle 5,40,000$
Discount/Loss on Issue of
Debentures A/c Dr. $\displaystyle 60,000$
To $\displaystyle 9$% Debentures A/c $\displaystyle 6,00,000$
(Application money transferred to
debentures account)
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CBSE Class 12 Accountancy past-paper question from the 2022 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.