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X Ltd issued 5,000 12% Debenture …

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X Ltd issued 5,000 12% Debenture of Rupees 100 each at a premium of Rupees 5 payable as follows: On application 30 (including premium) On Allotment 40 On 1st and final call The balance amount Application were received for 6000 debentures and allotment was made pro-rata to all applicant. All the moneys were duly received. Pass necessary journal entries.

Posted by Abhishek Pal 1 year, 11 months ago

CBSE > Class 12 > Accountancy

1 answers

Preeti Dabral 1 year, 11 months ago

JOURNAL OF X LTD.

Date	Particulars		L.F.	Dr. (₹)	Cr. (₹)
	Bank A/c	Dr.		1,80,000
	To 12% Debenture Application A/c (Application money received on 6,000 debentures @ ₹30 each)				1,80,000
	12% Debenture Application A/c	Dr.		1,80,000
	To 12% Debentures A/c				1,25,000
	To Securities Premium Reserve A/c				25,000
	To 12% Debenture Allotment A/c (Transfer of application money to 12% Debentures A/c and the excess money to allotment A/c)				30,000
	12% Debenture Allotment A/c	Dr.		2,00,000
	To 12% Debentures A/c (Allotment due to 5,000 debentures @ ₹40 each)				2,00,000
	Bank A/c	Dr.		1,70,000
	To 12% Debenture Allotment A/c (Allotment money received)				1,70,000
	12% Debenture First & Final Call A/c	Dr.		1,75,000
	To 12% Debenture A/c (First and final call due on 5,000 debentures @ ₹35 each)				1,75,000
	Bank A/c	Dr.		1,75,000
	To 12% Debenture First & Final Call A/c (First and final call money received)				1,75,000

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