1. Bank A/c Dr. 15,00,000 To 12% Deb. App.& Allot. A/c 15,00,000 2 15,00,000 12% Deb. App.& Allot. A/c Dr. 2,25,000 Loss on Issue of Debenture A/c Dr. 15,00,000 To 10% Debenture A/c 2,25,000 To Premium on Redemption A/c 3 5,00,000 Statement of P & L App. A/c Dr. 5,00,000 To Deb. Red. Res. A/c 4. 2,25,000 Debenture Redemption Investment A/C Dr. 2,25,000 T0 Bank A/c (being 15% Investment made as per provision) 5 2,25,000 Bank A/c Dr. 2,25,000 To Debenture Redemption Investment A/C (being 15% Investment sold) 15,00,000 6 10% Debenture A/c Dr. 2,25,000 Premium on Redemption A/c Dr. 17,25,000 To Debenture holder A/c 15,00,000 7 Deb. Red. Res. A/c Dr. 15,00,000 To General Reserve A/c 12. 1 ½ marks for 1st two entries and 1 mark for last entry 1. Statement of P & L App. A/c Dr. 60,000 To Deb. Red. Res. A/c 60,000 1,50,000 Debenture Redemption Investment A/C Dr. 2. 1,50,000 T0 Bank A/c (being 15% Investment made as per provision) 1,50,000 Bank A/c Dr. 3. 1,50,000 To Debenture Redemption Investment A/C (being 15% Investment sold)
1. 2 3 4. 5 6 7 Bank A/c Dr. To 12% Deb. App.& Allot. A/c 12% Deb. App.& Allot. A/c Dr. Loss on Issue of Debenture A/c Dr. To 10% Debenture A/c To Premium on Redemption A/c Statement of P & L App. A/c Dr. To Deb. Red. Res. A/c Debenture Redemption Investment A/C Dr. T0 Bank A/c (being 15% Investment made as per provision) Bank A/c Dr. To Debenture Redemption Investment A/C (being 15% Investment sold) 10% Debenture A/c Dr. Premium on Redemption A/c Dr. To Debenture holder A/c Deb. Red. Res. A/c Dr. To General Reserve A/c 15,00,000 15,00,000 2,25,000 5,00,000 2,25,000 2,25,000 15,00,000 2,25,000 15,00,000 15,00,000 15,00,000 2,25,000 5,00,000 2,25,000 2,25,000 17,25,000 15,00,000 12. 1 ½ marks for 1st two entries and 1 mark for last entry 1. 2. 3. Statement of P & L App. A/c Dr. To Deb. Red. Res. A/c Debenture Redemption Investment A/C Dr. T0 Bank A/c (being 15% Investment made as per provision) Bank A/c Dr. To Debenture Redemption Investment A/C (being 15% Investment sold) 60,000 1,50,000 1,50,000 60,000 1,50,000 1,50,000
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