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LoginOn 1-4-2017, Fast Computer Ltd. Issued 20,000, 6% debentures of Rs. 100 each at a discount of 4% redeemable at a premium of 5% after three years. The amount was payable as follows :
Onapplication Rs. 50 per debenture.
Balance on allotment.
Fast Computer has a balance of Rs.50,000 in Securities Premium Reserve andRs. 1,00,000 in General Reserve. Profit for the year was Rs.75,000.
Pass the journal entries for issue of debentures and writing off theloss on issue ofdebentures.
Class 12 Accounts in Class 12 3 years ago
Posted on 04 Dec 2021, this text provides information on Class 12 related to Accounts in Class 12. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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