MENU
Question -

X.Ltd. invites application for the issue of 10,000, 14% debentures of ₹ 100 each payable as to ₹ 20 on application, ₹ 60 on allotment and the balance on call. The company receives applications for 13,500 debentures, out of which applications for 8,000 debentures are allotted in full, 5,000 only 40% and the remaining rejected. The surplus money on partially allotted applications is utilised towards allotment. All the sums due are duly received.



Answer -

Books of X. Ltd.

 

Journal

 

Date

Particulars

L.F.

Debit

Amount

₹

Credit

Amount

₹

Bank A/c

Dr.

2,70,000

To 14% Debenture Application A/c

2,70,000

(14% Debenture application money for 13,500 debentures

@ 20 each received)

14% Debenture Application A/c

Dr.

2,70,000

To 14% Debenture A/c

2,00,000

To 14% Debenture Allotment A/c

60,000

To Bank

10,000

(14% Debenture Application money of 10,000 @ ₹ 20 each

transferred to 14% Debentures Account and 500 debentures

were rejected and returned and rest of the amount adjusted

on allotment)

14% Debenture Allotment A/c

Dr.

6,00,000

To 14% Debenture A/c

6,00,000

(14% Debenture Allotment money due on 10,000 debentures @

₹ 60 each)

Bank A/c

Dr.

5,40,000

To 14% Debenture Allotment A/c

5,40,000

(14% Debenture Allotment money received)

14% Debenture First and Final Call A/c

Dr.

2,00,000

To 14% Debenture A/c

2,00,000

(14% Debenture First and Final Call money due on 10,000

debentures @ 20 each)

Bank A/c

Dr.

2,00,000

To 14% Debenture First and Final Call A/c

2,00,000

(14% Debenture First and Final Call money received on 10,000

debentures @ ₹ 20 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
×