DK Goel Solutions Q 28 Chapter 7 Issue of Debentures Class 12 CBSE [2023-24]
Step-by-step solution of Question 28, Chapter 7 Accounting for Companies – Issue of Debentures, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 28
On 1-4-2021, X Ltd. issued 40,000, 7% debentures of ₹ 100 each at a discount of 6% redeemable at a premium of 2% after four years. The amount was payable as follows :
On application ₹ 40 per debenture.
Balance on allotment.
Company has a balance of 1,20,000 in Securities Premium and ₹ 1,50,000 in Capital Reserve. Profit for the year ending 31st March, 2022 was ₹ 2,00,000.
Pass the journal entries for issue of debentures and writing off the loss on issue of debentures.
Solution
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About this solution
This is Chapter 7 Accounting for Companies – 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 CBSE Guidelines. Just follow our presentation of solutions and score good marks in the Accountancy Board Exam.
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