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Journalise the Following: (I) a Debenture Issued at Rs 95, Repayable at Rs 100; - Accountancy

Numerical

Journalise the following:

(i) A debenture issued at Rs 95, repayable at Rs 100;

(ii) A debenture issued at Rs 95, repayable at Rs 105; and

(iii) A debenture issued at Rs 100, repayable at Rs 105;

The face value of debenture in each of the above cases is Rs 100.

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Solution

S.No.

Particulars

L.F.

Debit

Amount

Rs

Credit

Amount Rs

(i)

Bank A/c

Dr.

 

95

 

 

Discount on Issue of Debenture A/c

Dr.

 

5

 

 

 

To Debenture A/c

 

 

100

 

(Debenture of Rs 100 issued at Rs 5 discount

with the term repayable at Rs 100)

 

 

 

(ii)

Bank A/c

Dr.

 

95

 

 

Loss on Issue of Debenture A/c

Dr.

 

10

 

 

 

To Debenture A/c

 

 

100

 

 

To Premium on Redemption of Debentures

 

 

5

 

(Debenture of Rs 100 issued at a discount of

Rs 5 and with the term repayable at Rs 105)

 

 

 

(iii)

Bank A/c

Dr.

 

100

 

 

Loss on Issue of Debenture A/c

Dr.

 

5

 

 

 

To Debenture A/c

 

 

100

 

 

To Premium on Redemption of Debenture A/c

 

 

5

 

(Debenture of Rs 100 issued with the term

repayable at Rs 105)

 

 

 

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APPEARS IN

NCERT Class 12 Accountancy - Company Accounts and Analysis of Financial Statements
Chapter 2 Issue and Redemption of Debentures
Numerical Questions | Q 13 | Page 137
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