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Chandra Gupta Ltd issued 10,000, 12% …

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Chandra Gupta Ltd issued 10,000, 12% debentures of Rs 100 each at a discount of 5% payable as follows On application Rs 40 On allotment Balance Show the journal entries assuming that all the installments were duly collected. Also show the relevant portion of the balance sheet, if company had a balance of Rs 2,20,000 in securities premium reserve account.

Posted by Ambika Gupta 7 years ago

CBSE > Class 12 > Accountancy

1 answers

Mayank Garg 7 years ago

Bank account dr. 400000 To debenture application a/c. 400000 . . Debenture application account dr. 400000 To. % deb. 400000 Deb first and final call ac. Dr.. 600000 To. % debenture ac. 600000 Bank account dr. 550000 Discount on issue of deb. Dr. 50000 To. Deb first and final call 600000 If you have any doubt contact me on Instagram@mgarg3230

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