DK Goel Solutions ISC Q 5 Chapter 7 Company Accounts-Issue of Debentures Class 12 ISC [2023-24]
Step-by-step solution of Question 5, Chapter 7 Company Accounts – Issue of Debentures, DK Goel Class 12 Accountancy 2023-24 for the ISC Board.
Question 5
Dev Ltd. issued 25,000, 8% Debentures of ₹ 100 each at a discount of 5% payable as follows :
- ₹ 25 on Application
- ₹ 20 on Allotment (On 1st August, 2022)
- ₹ 30 on First Call (On 1st November, 2022)
- Balance on Second & Final Call (On 1st February, 2023)
All the debentures were subscribed and allotted.
Astha, to whom 400 debentures were allotted, paid the amount of first and second and final call on 31st March 2023. As per Articles of Association of the Company interest on Calls in Arrears is to be charged @ 9% per annum which Astha paid on 31st March, 2023.
You are required to pass journal entries in respect of interest on Calls-in-Arrears.
Solution
All questions of Chapter 7
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About this solution
This is Chapter 7 Company Accounts-Issue of Debentures of DK Goel For 2024 Examinations.
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 ISC Guidelines. Just follow our presentation of solutions and score good marks in the Accountancy Board Exam.
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