[ISC] Q. 33 Solution of Issue of Debentures TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 33, Chapter 8 Joint Stock Company – Issue of Debentures, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 33
Birch Ltd. issued 20,000, 9% Debentures of ₹ 100 each at a premium of 10% payable as follows:
On Application ₹ 20 (1st January), on Allotment ₹ 40 (including premium) (1st April), on First Call ₹ 30 (1st June), on Second and Final Call ₹ 20 (1st August).
Applications were received for 18,000 debentures and the allotment was made. One debentureholder to whom 400 debentures were allotted paid the entire balance on his debentureholding with allotment money and another debentureholder did not pay allotment and First call money on his 600 debentures but which he paid with final call.
Calculate the amount of Interest paid and received on Calls-in-Advance (@ 12% p.a.) and Calls-in-Arrears (@ 10% p.a.) on 1st August. Also, give Journal entries to record the above transactions assuming that Calls-in-Arrears Account is maintained.
Solution
All questions of Chapter 8
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About this solution
This is Chapter 8 Issue of Debentures of ISC 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 Guidelines Issued by the ISC Council. Just follow our presentation of solutions and score good marks in Accountancy Exam.
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