Q.58 Solution Issue of Debentures TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 58, Chapter 9 Issue of Debentures, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 58
Fit India Ltd. has paid-up share capital of ₹ 1,00,00,000 (divided into 5,00,000 Equity Shares of ₹ 20 each) and 10,000, 7% Debentures of ₹ 200 each. On 1st July, 2022, it further issued 7% Debentures at a premium of 10% redeemable at 25% premium to meet the long-term funds requirement of ₹ 1,65,00,000. The issue price was payable along with application. Balance in Securities Premium Account after the issue of debentures is ₹ 25,00,000. Loss for the year ended 31st March, 2023 is ₹ 10,00,000.
You are required to:
- (i) Pass Journal entries for issue of Debentures.
- (ii) Prepare Loss on Issue of Debentures Account.
- (iii) Pass Journal entries for interest on debentures, if interest is payable on 30th September and 31st March each year.
Solution
⏳ The solution of this question will be added soon. Meanwhile, ask your doubt to Vijay Sir in the comment box below.
All questions of Chapter 9
Orange = this question · Grey = already opened.
About this solution
Looking for the Q.58 Solution Issue of Debentures TS Grewal Class 12 Accountancy book for the 2024-25 CBSE syllabus? You’ve come to the right place!
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We’ve used the correct format and steps required by CBSE guidelines. Simply follow our solutions, and you’ll be well-prepared to score good marks in your Accountancy Board Exam.
Don’t forget to bookmark this page and share it with your classmates who are also looking for reliable TS Grewal solutions for the 2024-25 academic year.
Stuck on this question? Ask Vijay Sir
Be the first to ask on this question.