[ISC] Q. 37 Solution of Issue of Debentures TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 37, Chapter 8 Joint Stock Company – Issue of Debentures, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 37
Aar Kay Ltd. issued on 1st April, 2022, 15,000, 10% Debentures of ₹ 100 each at a premium of 10% redeemable at a premium of 5%. The amount was payable along with application and the interest was payable half-yearly on 30th September and 31st March each year. Tax is deducted @ 20%.
Applications were received for 20,000 Debentures. Allotment was made to all the applicants on pro rata basis.
You are required to:
- (i) Pass Journal entries for issue of debentures,
- (ii) Pass Journal entries for interest, 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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