[ISC] Q. 33 solution of Issue of Debentures TS Grewal Class 12 (2022-23)

Share your love

Solution of Question number 33 of the Issue of Debentures Chapter of TS Grewal Book ISC Board 2022-23 session?

Birch Ltd. issued 20,000, 9% Debentures of ₹ 100 each at a premium of 10% payable as follows:

On Application ₹ 20 (1st January), on Allotment ₹ 40 (including premium) (1st April), on First Call ₹ 30 (1st June), on Second and Final Call ₹ 20 (1st August).

Applications were received for 18,000 debentures and the allotment was made. One debentureholder to whom 400 debenture were allotted paid the entire balance on his debentureholding with allotment money and another debentureholder did not pay allotment and First call money on his 600 debentures but which he paid with final call.

Calculate the amount of Interest paid and received on Calls-in-Advance (@ 12% p.a.) and Calls-in-Arrears (@ 10% p.a.) on 1st August. Also, give Journal entries to record the above transactions assuming that Calls-in-Arrears Account is maintained.


Share your love
Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

Articles: 5897

Leave a Reply

Your email address will not be published. Required fields are marked *


Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.