DRR A/C Dr. 10,00,000 To. General Reserve A/C 10,00,000 8. 3 marks for 1st 2 entries and 3 marks for last 4 entries 1. Sundry Assets A/c Dr. 6,00,000 Goodwill A/c Dr. 30,000 To Sundry Liabilities A/c 70,000 To P & Co. A/c 5,50,000 2. 5,50,000 P & Co. A/c Dr. 25,000 Loss on Issue of Debenture A/c Dr. 5,00,000 To 12% Debenture A/c 50,000 To Security Premium A/c 25,000 To Premium on Redemption A/c 3. 1,25,000 Statement of P & L App. A/c Dr. 1,25,000 To Deb. Red. Res. A/c (being DRR created equal to 25% of Deb.) 4. 75,000 Debenture Redemption Investment A/C Dr. 75,000 T0 Bank A/c (being 15% Investment made as per provision) 5 75,000 Bank A/c Dr. 75,000 To Debenture Redemption Investment A/C (being 15% Investment sold) 5,00,000 6 12% Debenture A/c Dr. 25,000 Premium on Redemption A/c Dr. 5,25,000 To Debenture holder A/c 7 Debenture holder A/c Dr. 5,25,000 To Bank A/c 5,25,000 Deb. Red. Res. A/c Dr. 8 1,25,000 To General Reserve A/c 1,25,000
DRR A/C Dr. To. General Reserve A/C 10,00,000 10,00,000 8. 3 marks for 1st 2 entries and 3 marks for last 4 entries 1. 2. 3. 4. 5 6 7 8 Sundry Assets A/c Dr. Goodwill A/c Dr. To Sundry Liabilities A/c To P & Co. A/c P & Co. A/c Dr. Loss on Issue of Debenture A/c Dr. To 12% Debenture A/c To Security Premium A/c To Premium on Redemption A/c Statement of P & L App. A/c Dr. To Deb. Red. Res. A/c (being DRR created equal to 25% of Deb.) 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) 12% Debenture A/c Dr. Premium on Redemption A/c Dr. To Debenture holder A/c Debenture holder A/c Dr. To Bank A/c Deb. Red. Res. A/c Dr. To General Reserve A/c 6,00,000 30,000 5,50,000 25,000 1,25,000 75,000 75,000 5,00,000 25,000 5,25,000 1,25,000 70,000 5,50,000 5,00,000 50,000 25,000 1,25,000 75,000 75,000 5,25,000 5,25,000 1,25,000
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