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M.16 Management Accounting (Section B)—ISC XII

(b) JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
(i) Bank A/c ...Dr. 4,32,000
To Debentures Application and Allotment A/c 4,32,000
(Being the application money received)
Debentures Application and Allotment A/c ...Dr. 4,32,000
Loss on Issue of Debentures A/c ...Dr. 40,000
To 9% Debentures A/c 4,00,000
To Securities Premium Reserve A/c 32,000
To Premium on Redemption of Debentures A/c 40,000
(Being the issue of 4,000 debentures at a premium of 8% redeemable
at 10% premium)
(ii) Bank A/c ...Dr. 6,00,000
To Debentures Application and Allotment A/c 6,00,000
(Being the application money received for 6,000 debentures)
Debentures Application and Allotment A/c ...Dr. 6,00,000
Loss on Issue of Debentures A/c ...Dr. 60,000
To 9% Debentures A/c 6,00,000
To Premium on Redemption of Debentures A/c 60,000
(Being the issue of 6,000 debentures at par repayable at
a premium of 10%)
(c) JOURNAL OF VENUS LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Sundry Assets A/c ...Dr. 10,00,000
To Sundry Liabilities A/c 1,80,000
To Cayns Ltd. 7,60,000
To Capital Reserve A/c (Bal. Fig.) 60,000
(Being the assets and liabilities of Cayns Ltd. taken over)
Cayns Ltd. ...Dr. 7,60,000
Discount on Issue of Debentures A/c ...Dr. 40,000
To 9% Debentures A/c 8,00,000
(Being 8,000; 9% Debentures of ` 100 each issued against purchase
consideration at 5% discount)
8. (a) BALANCE SHEET OF VIKAS LTD. as at ...
Particulars Note No. `
I. EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital 1 27,60,000
Note to Accounts
Particulars `
1. Share Capital
Authorised Capital
... Equity Shares of ` 100 each ...
Issued Capital
32,000 Equity Shares of ` 100 each 32,00,000
Subscribed Capital
Subscribed and fully paid-up
26,000 Equity Shares of ` 100 each 26,00,000
Add: Forfeited Shares A/c (4,000 × ` 40) 1,60,000 27,60,000