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Accountancy · 2023 · 6 marks
CBSE 2023 · Region 1 · Set 2 · Q26
Pass necessary journal entries relating to the issue of debentures in the books of Akash Ltd. for the following transactions : (a) $\displaystyle 1,000$, $\displaystyle 9$% Debentures of ₹ $\displaystyle 100$ each are issued at $\displaystyle 5$% discount, redeemable at a premium of $\displaystyle 10$%. (b) $\displaystyle 500$, $\displaystyle 7$% Debentures of ₹ $\displaystyle 100$ each are issued at $\displaystyle 5$% premium, redeemable at a premium of $\displaystyle 10$%. (c) $\displaystyle 2,000$, $\displaystyle 10$% Debentures of ₹ $\displaystyle 100$ each are issued at $\displaystyle 5$% discount, redeemable at par.
Marking-scheme solution
Books of Akash Ltd.
Journal
Date Particulars
Debit Credit
L.F
Amount Amount
(₹) (₹)
(a)
Bank A/c Dr. $\displaystyle 95,000$
To Debenture Application and Allotment A/c $\displaystyle 95,000$
(Debenture application money received $\displaystyle 1,000$ $\displaystyle 9$%
debentures)
Debenture Application and Allotment A/c Dr. $\displaystyle 95,000$
Loss on issue of debentures A/c Dr. $\displaystyle 15,000$
To $\displaystyle 9$% Debentures A/c $\displaystyle 1,00,000$
To Premium on redemption of Debentures A/c $\displaystyle 10,000$
(Debenture application money transferred to
debentures A/c)
Debenture Application and Allotment A/c Dr. $\displaystyle 95,000$
Discount on issue of debentures A/c Dr. $\displaystyle 5,000$
Loss on issue of debentures A/c Dr. $\displaystyle 10,000$
To $\displaystyle 9$% Debentures A/c $\displaystyle 1,00,000$
To Premium on redemption of Debentures A/c $\displaystyle 10,000$
(Debenture application money transferred to
debentures A/c)
(b)
$\displaystyle 52,5,00$
Bank A/c Dr.
$\displaystyle 52,500$
To Debenture Application and Allotment A/c
(Debenture application money received on $\displaystyle 500$ $\displaystyle 7$%
debentures)
Debenture Application and Allotment A/c Dr. $\displaystyle 52,500$
Loss on issue of Debentures A/c Dr. $\displaystyle 5,000$
To $\displaystyle 7$% Debentures A/c $\displaystyle 50,000$
To Securities premium/Securities premium reserve A/c $\displaystyle 2,500$
To Premium on redemption of Debentures A/c $\displaystyle 5,000$
(Debenture application money transferred to
debentures A/c and securities premium A/c)
(c)
$\displaystyle 1,90,000$
Bank A/c Dr.
$\displaystyle 1,90,000$
To Debenture Application and Allotment A/c
(Debenture application money received on $\displaystyle 2,000$
$\displaystyle 10$% debentures)
Debenture Application and Allotment A/c Dr. $\displaystyle 1,90,000$
Discount / loss on issue of Debentures A/c Dr. $\displaystyle 10,000$
To $\displaystyle 10$% Debentures A/c $\displaystyle 2,00,000$
(Debenture application money transferred to
debentures A/c)
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.