[ISC] Q. 49 Solution of Issue of Debentures TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 49, Chapter 8 Joint Stock Company – Issue of Debentures, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 49
On 1st April, 2017, Prasad and Company Limited issued 1,000, 10% Debentures of ₹ 1,000 each at ₹ 980. Under the terms of issue, 1/5 of the debentures is annually redeemable by drawings, the first redemption occurring on 31st March, 2019.
On 31st March, 2018, the company had a balance of ₹ 4,000 in its Capital Reserve Account.
The company wrote off the discount on issue of debentures over the life-time of the debentures.
You are required to prepare the discount on issue of debentures account for the first three years.
Solution
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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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