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On 2.3.2016 L and B Ltd. …

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On 2.3.2016 L and B Ltd. Issued 635, 9% debentures of Rs. 500 each. Pass the necessary journal entries for the issue of Debentures, in the following situation : (a) When debentures were issued at 5% discount, redeemable at 10% premium. (b) When debentures were issued at 12% premium, redeemable at 6% premium.

Posted by Vikas Sharma 8 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Ria Munjal 8 years, 2 months ago

(A) Bank a/c..............................Dr 301625 Loss on issue of Deb.a/c..Dr 47625 To deb. Application and allotment a/c. 317500 To premium on Redumption of deb. A/c. 31750 (B) Bank a/c...............................Dr 355600 Loss on issue of Deb. A/c..Dr 19050 To deb. Application and Allotment A/c. 317500 To security premium Reserve A/c. 38100 To premium on. Redumption of deb. A/c. 19050

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