Q. 28 DK Goel Issue of Debentures Solutions Class 12 CBSE (2024-25)

the solution of question number 28 of Issue of debentures chapter 7 of DK Goel Class 12 CBSE (2024-25)

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.

[Ans. Loss on issue ₹ 3,20,000; Loss on issue written off from Securities Premium ₹ 1,20,000 and Statement of Profit & Loss ₹ 2,00,000.]

Note: Capital Reserve can not be used for writing off Loss on Issue.

Solution:-

Here are the solutions of Issue of debentures chapter 7 of DK Goel Class 12 CBSE (2024-25)

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