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Accountancy · 2024 · 6 marks
CBSE 2024 · Region 5 · Set 3 · Q26
Pass Journal entries relating to issue of debentures in the books of Unicorn Ltd. in each of the following cases : (i) Issued $\displaystyle 20,000$, $\displaystyle 8$% Debentures of ₹ $\displaystyle 100$ each at a premium of $\displaystyle 10$%, redeemable at a premium of $\displaystyle 5$%. (ii) Issued $\displaystyle 8,000$, $\displaystyle 8$% Debentures of ₹ $\displaystyle 100$ each at a discount of $\displaystyle 10$%, redeemable at a premium of $\displaystyle 10$%. (iii) Issued $\displaystyle 3,000$, $\displaystyle 8$% Debentures of ₹ $\displaystyle 100$ each at par, redeemable at a premium of $\displaystyle 10$%.
Marking-scheme solution
Books of Unicorn Ltd.
Journal
Date Particulars LF Dr. Cr.
Amount Amount
(₹) (₹)
(i)
Bank A/c Dr. $\displaystyle 22,00,000$
To Debenture Application and Allotment A/c $\displaystyle 22,00,000$
(Debenture Application money received)
Debenture Application and Allotment A/c Dr. $\displaystyle 22,00,000$
Loss on issue of Debentures A/c Dr. $\displaystyle 1,00,000$
To $\displaystyle 8$% Debentures A/c $\displaystyle 20,00,000$
To Securities Premium A/c $\displaystyle 2,00,000$
To Premium on redemption of Debentures A/c $\displaystyle 1,00,000$
(Debenture Application money transferred to
Debentures and Securities Premium account and
provision for premium on redemption of debentures
made)
(ii)
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. $\displaystyle 1,60,000$
To $\displaystyle 8$% Debentures A/c $\displaystyle 8,00,000$
To Premium on redemption of Debentures A/c $\displaystyle 80,000$
(Debenture Application money transferred to
Debentures and provision for premium on redemption
of debentures made)
Alternate entry
Debenture Application and Allotment A/c Dr. $\displaystyle 7,20,000$
Discount on issue of Debentures A/c Dr. $\displaystyle 80,000$
Loss on issue of Debentures A/c Dr. $\displaystyle 80,000$
To $\displaystyle 8$% Debentures A/c $\displaystyle 8,00,000$
To Premium on redemption of Debentures A/c $\displaystyle 80,000$
(Debenture Application money transferred to
Debentures and provision for premium on redemption
of debentures made)
(iii)
Bank A/c Dr. $\displaystyle 3,00,000$
To Debenture Application and Allotment A/c $\displaystyle 3,00,000$
(Debenture Application money received)
Debenture Application and Allotment A/c Dr. $\displaystyle 3,00,000$
Loss on issue of Debentures A/c Dr. $\displaystyle 30,000$
To $\displaystyle 8$% Debentures A/c $\displaystyle 3,00,000$
To Premium on redemption of Debentures A/c $\displaystyle 30,000$
(Debenture Application money transferred to
Debentures and provision for premium on redemption
of debentures made)
PART B
OPTION $\displaystyle 1$
(Analysis of Financial Statements)
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CBSE Class 12 Accountancy past-paper question from the 2024board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.