Q. 40 DK Goel Issue of Debentures Solutions Class 12 CBSE (2024-25)
the solution of question number 40 of Issue of debentures chapter 7 of DK Goel Class 12 CBSE (2024-25)
Oberoi Ltd. took certain fixed assets of ₹ 6,30,000 from Vikram Ltd. and allotted 6,000, 12% Debentures at a premium of 5% to satisfy the purchase consideration. The company then issued a prospectus inviting the public to subscribe to 20,000, 11% Debentures of ₹ 100 each at a discount of 2%, payable as ₹ 35 on application, ₹ 23 on allotment and the balance on first and final call.
Applications were received for 16,000 debentures only. All the applications were accepted and money received except firs and final call on 100 debentures. Prepare the Cash Book and the Journal.
[Ans. Cash at Bank ₹ 15,64,000. Amount received on allotment ₹ 3,68,000 and on First Call ₹ 6,36,000; Discount on Issue ₹ 32,000; Out of this amount ₹ 30,000 will be written off from Securities Premium and the remaining ₹ 2,000 from Statement of Profit and Loss.]
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