Solution of Q 56 Issue of Debentures TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 56, Chapter 9 Issue of Debentures, TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 56
Fit India Ltd. has paid-up share capital of ₹ 1,00,00,000 (divided into 5,00,000 Equity Shares of ₹ 20 each) and 10,000, 7% Debentures of ₹ 200 each. On 1st July, 2021, it further issued 7% Debentures at a premium of 10% redeemable at 25% premium to meet the long-term funds requirement of ₹ 1,65,00,000. The issue price was payable along with application. Balance in Securities Premium Account after the issue of debentures is ₹ 25,00,000. Loss for the year ended 31st March, 2022 is ₹ 10,00,000.
You are required to:
- (i) Pass Journal entries for issue of Debentures.
- (ii) Prepare Loss on Issue of Debentures Account.
- (iii) Pass Journal entries for interest on debentures, if interest is payable on 30th September and 31st March each year.
Solution
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About this solution
This is Chapter 9 Issue of Debentures of TS Grewal Edition 2023-24.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per CBSE Guidelines. Just follow our presentation of solutions and score good marks in Accountancy Board Exam.
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