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प्रश्न
A Ltd . issued 2,000; 9% Debentures of ₹ 100 each on the following terms:
₹20 on applications ;₹ 20 on allotment ; ₹ 30 on first call ; ₹ 30 on final call.
The public applied for 2,400 debentures. Applications for 1,800 debentures were accepted in full. Applications for 400 debentures were allotted 200 debentures and applications for 200 debentures were rejected . Pass necessary Journal entries .
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उत्तर
Books of A Ltd.
Journal
|
Date |
Particular |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
Bank A/c |
Dr. |
|
48,000 |
|
|
|
To 9% Debenture Application A/c |
|
|
48,000 |
|
|
|
(Debenture application money received for 2,400 debentures at Rs 20 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
9% Debenture Application A/c |
Dr. |
|
48,000 |
|
|
|
To 9% Debentures A/c |
|
|
40,000 |
|
|
|
To 9% Debentures Allotment A/c |
|
|
4,000 |
|
|
|
To Bank A/c |
|
|
4,000 |
|
|
|
(Debenture application money transferred to 9% Debenture account for 2,000 Debenture, adjusted to Debenture Allotment account for 200 Debentures and money refunded for 200 debentures) |
|
|
|
|
|
|
|
|
|
|
|
|
|
9% Debenture Allotment A/c |
Dr. |
|
40,000 |
|
|
|
To 9% Debentures A/c |
|
|
40,000 |
|
|
|
(Debenture allotment money due on 2,000 debentures at Rs 20 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
36,000 |
|
|
|
To 9% Debentures Allotment A/c |
|
|
36,000 |
|
|
|
(Debenture allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture First Call A/c |
Dr. |
|
60,000 |
|
|
|
To 9% Debentures A/c |
|
|
60,000 |
|
|
|
(Debenture first call money due on 2,000 9% debenture at Rs 30 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
60,000 |
|
|
|
To Debenture First Call A/c |
|
|
60,000 |
|
|
|
(Debenture first call money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture Final Call A/c |
Dr. |
|
60,000 |
|
|
|
To 9% Debentures A/c |
|
|
60,000 |
|
|
|
(Debentures final call money due on 2,000 9% Debentures at Rs 30 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
60,000 |
|
|
|
To Debenture Final Call A/c |
|
|
60,000 |
|
|
|
(Debenture final call received on 2,000 9% Debenture at Rs 30 each) |
|
|
|
|
APPEARS IN
संबंधित प्रश्न
What is meant by ‘Issue of debenture at discount and redeemable at premium’?
Short Answer Question
What is ‘Capital Reserve’?
A.Ltd. issued 50,00,000, 8% Debenture of Rs 100 at a discount of 6% on April 01, 2009 redeemable at premium of 4% by draw of lots as under:
20,00,000 Debentures on March, 2011
10,00,000 Debentures on March, 2013
20,00,000 Debentures on March, 2014
Compute the amount of discount to be written-off in each year till debentures are paid. Also prepare discount/loss on issue of debenture account.
Iron Products Ltd. issued 5,000; 9% Debentures of ₹ 100 each at a premium of ₹ 40 payable as follows;
(i) ₹ 40 , including premium of ₹ 10 on applications;
(ii) ₹ 45, including premium of ₹ 15 on allotment ; and
(iii) Balance as first and final call.
The issue was subscribed and allotment made. Calls were made and due amount was received .
Pass Journal entries .
X Ltd . issued 12,000; 8% Debentures of ₹ 100 each at a discount of 5% payable as 25% on application;20% on allotment and balance after three months.
Pass Journal entries.
Grown Ltd. issued 500, 10% Debentures of ₹ 1,000 each credited as fully paid-up to the promoters for their services to incorporate the company. It also issued 100, 10% Debentures of ₹ 1,000 each credited as fully paid-up to the underwriters towards their commission. Pass the Journal entries.
Exe Ltd. purchased the assets of the book value ₹4,00,000 and took over the liabilities of ₹ 50,000 from Mohan Bros.It was agreed that the purchase consideration ,settled at ₹3,80,000 be paid by issuing debentures of ₹ 100 each.
Pass journal entries if debenture are issued:
(a) at par
(b) at a discount of 10% and
(c) at a premium of 10%.
It was agreed that any fraction of debentures be paid in cash.
Pass journal entries in the following cases:
(a) A Co.Ltd. issued ₹40,000; 12% Debentures at a premium of 5% redeemable at par.
(b) A Co.Ltd. issued ₹40,000; 12% Debentures at a discount of 10% redeemable at par.
(c) A Co.Ltd. issued ₹40,000; 12% Debentures at par redeemable at 10% premium.
(d) A Co.Ltd. issued ₹40,000; 12% Debentures at a discount of 5% and redeemable at 5% premium.
(e) A Co.Ltd. issued ₹40,000; 12% Debentures at a premium of 10% redeemable at 110%.
Pass necessary Journal entries for the issue of debentures in the following cases:
- ₹ 40,000; 12% Debentures of ₹ 100 each issued at a premium of 5% redeemable at par.
- ₹ 70,000; 12% Debentures of ₹ 100 each issued at a premium of 5% redeemable at ₹ 110.
On 1st April, 2015, V.V.L.Ltd issued 1,000, 9% Debentures of ₹ 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pass necessary journal entries for the issue of debentures and debenture interest for the year ended 31st March, 2016, assuming that interest is payable on 30th September and 31st March and the rate of tax deducted at source is 10%. The company closes its books on 31st March every year.
On 1st April, 2015. Mathew Ltd. issued 10,000, 9% Debentures of ₹ 100 each at a discount of 5%, redeemable at a premium of 5%. These debentures were redeemable as follows:
| On 31st March, 2016 | 2,000 Debentures; |
| On 31st March, 2017 | 5,000 Debentures; |
| On 31st March, 2018 | 3,000 Debentures. |
Prepare the Loss on Issue of Debentures Account, Debentures Account and Premium on Redemption of Debentures Account for three years.
The word 'debenture' has been derived from which Latin word (which means to borrow)?
Premium on redemption is shown under which head until debentures are redeemed?
Which of the following. column indicated in·the statement given below is to be credited?
"Writing off the loss on issue of debentures"
Loss on Issue of Debenture Account is shown:
Assertion (A): Issue of debenture does not result in dilution of interest of equity shareholders.
Reason (R): Debenture holders have voting rights.
Debenture premium cannot be used to ______.
A Ltd. took over the assets of ₹ 6,60,000 and liabilities of ₹ 80,000 of B Ltd. for an agreed purchase consideration of ₹ 6,00,000 payable 10% in cash and the balance by the issue of 15% debentures of ₹ 100 each at 10% discount. The number of debentures to be issued is:
10% Debenture issued at ₹ 105 is repayable at ₹ 110, the face value of the debenture being ₹ 100. Calculate the amount of loss on redemption of debentures.
Which of the following is not a source of cash?
