[ISC] Q. 36 Solution of Issue of Debentures TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 36, Chapter 8 Joint Stock Company – Issue of Debentures, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 36
Emm Ess Ltd. issued 10,000, 10% Debentures of ₹ 100 each at a discount of 10% on 1st April, 2022. The debentures were redeemable after 5 years at a premium of 10%. The amount was payable along with application. Interest was payable half-yearly. Applications were received for 15,000 debentures. Allotment was made to applicants for 10,000 Debentures and rest were sent letters of regret. Tax is deducted at source (TDS) @ 10%.
You are required to:
- (i) Pass Journal entries for Issue of Debentures,
- (ii) Pass Journal entries for interest on debentures for the year ended 31st March, 2023, and
- (iii) Prepare 10% Debentures Account.
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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