MENU
Question -

A. Ltd. issued 4,000, 9% Debentures of ₹ 100 each on the following terms:
₹ 20 on Application;
₹ 20 on Allotment;
₹ 30 on First call; and
₹ 30 on Final call.
The public applied for 4,800 Debentures. Applications for 3,600 Debentures were accepted in full. Applications for 800 Debentures were allotted 400 Debentures and applications for 400 Debentures were rejected.



Answer -

Books of A Ltd.

 

Date

Particulars

L.F.

Debit

Amount

₹

Credit

Amount

₹

Bank A/c

Dr.

96,000

To 9% Debenture Application A/c

96,000

(9% Debenture Application money received on 4,800 Debentures

@ 20 each)

9% Debenture Application A/c

Dr.

96,000

To 9% Debenture A/c

80,000

To 9% Debenture Allotment A/c

8,000

To Bank A/c

8,000

(9% Debenture Application money of 4000 debentures transferred to

Debentures Account, 400 debentures rejected returned and

remaining amount adjusted on allotment)

9% Debenture Allotment A/c

Dr.

80,000

To 9% Debenture A/c

80,000

(9% Debenture Allotment due on  4,000 Debentures @ ₹ 20 each)

Bank A/c

Dr.

72,000

To 9% Debenture Allotment A/c

72,000

(9% Debenture Allotment money received)

9% Debenture First Call A/c

Dr.

1,20,000

To 9% Debenture A/c

1,20,000

(9% Debenture First Call due on 4000 debentures @ ₹ 30 each)

Bank A/c

Dr.

1,20,000

To Debenture First Call A/c

1,20,000

(9% Debenture first call received for 4000 debentures

@ ₹ 30 each)

9% Debenture Final Call A/c

Dr.

1,20,000

To 9% Debenture A/c

1,20,000

(9% Debenture Final Call due on 4000 debentures

@ ₹ 30 each )

Bank A/c

Dr.

1,20,000

To 9% Debenture Final Call A/c

1,20,000

(9% Debenture Final Call received on 4000 debentures

@ ₹ 30 each)

 

Comment(S)

Show all Coment

Leave a Comment

Free - Previous Years Question Papers
Any questions? Ask us!
NodeJS Interview Questions Answers
ASP.Net Interview Questions Answers
Interview Questions Answers
×