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प्रश्न
B. Ltd. issued 1,000, 12% debentures of Rs 100 each on April 01, 2014, at a discount of 5% redeemable at a premium of 10%.
Give journal entries relating to the issue of debentures and debenture interest for the period ending March 31, 2015, assuming that interest is paid half-yearly on September 30 and March 31, and tax deducted at source is 10%.
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उत्तर
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||||
|
2014 |
|
|
|
|
|
|||
|
Apr. 01 |
Bank A/c |
Dr. |
|
95,000 |
|
|||
|
|
Loss on Issue on Debentures A/c |
Dr. |
|
15,000 |
|
|||
|
|
|
To 12% Debenture A/c |
|
|
1,00,000 |
|||
|
|
|
To Premium on Redemption of Debentures A/c |
|
|
10,000 |
|||
|
|
(Debenture issued at discount and redeemable at Premium) |
|
|
|
||||
|
Sept. 30 |
Debenture Interest A/c |
Dr. |
|
6,000 |
|
|||
|
|
|
To Income Tax Payable A/c |
|
|
600 |
|||
|
|
|
To Debenture Holders A/c |
|
|
5,400 |
|||
|
|
(Amount of interest on 12% debentures Rs 1,00,000 due for 6 months and 10% tax deducted at source) |
|
|
|
||||
|
Sept. 30 |
Debenture Holders A/c |
Dr. |
|
5,400 |
|
|||
|
|
|
To Bank A/c |
|
|
5,400 |
|||
|
|
(Interest paid to Debenture Holders) |
|
|
|
||||
|
2015 |
Debenture Interest A/c |
Dr. |
|
6,000 |
|
|||
|
|
|
To Income Tax Payable A/c |
|
|
600 |
|||
|
|
|
To Debenture Holders A/c |
|
|
5,400 |
|||
|
|
(Amount of interest on 12% Debentures Rs 1,00,000 due for 6 months and 10% tax deducted at source) |
|
|
|
||||
|
Mar. 31 |
Debenture Holders A/c |
Dr. |
|
|
5,400 |
|||
|
|
|
To Bank A/c |
|
|
5,400 |
|||
|
|
(Interest paid to Debenture Holders) |
|
|
|
||||
|
Mar. 31 |
Profit and Loss A/c |
Dr. |
|
12,000 |
|
|||
|
|
|
To Debenture Interest A/c |
|
|
12,000 |
|||
|
|
(Interest on debentures transferred to Profit and Loss Account) |
|
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APPEARS IN
संबंधित प्रश्न
What is meant by ‘Issue of debentures for Consideration other than Cash’?
Vishwas Ltd. issued 2,000; 9% Debentures of ₹ 100 each payable as follows:
₹ 25 on application; ₹ 25 on allotment and ₹ 50 on first and final call.
Applications were received for all the debentures along with the application money did allotment was made . Call money was also received on the due date.
Pass necessary Journal entries in the books of the company.
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 .
Deepak Ltd purchased furniture of ₹ 2,20,000 from M/s. Furniture Mart. 50% of the amount was paid to M/s. Furniture Mart by accepting a bill of exchange and for the balance, the company issued 9% debentures of ₹ 100 each at a premium of 10% in favor of M/s. Furniture Mart.
Pass Journal entries in the books of Deepak Ltd.
Romi Ltd. acquired assets of ₹ 20 lakhs and took over creditors of ₹ 2 lakhs from Kapil Enterprises.
Romi Ltd. issued 8% Debentures of ₹ 100 each at a premium of 25% as purchase consideration.
Record necessary journal entries in the books of Romi Ltd.
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%.
Footfall Ltd. issues 10,000 Debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 5% after the expiry of three years.
Pass Journal entries for the issue of these debentures.
Bright Ltd. issued 5,000; 10% Debentures of ₹ 100 each on 1st April, 2015 . The issue was fully subscribed . According to the terms of issue, interest on the debentures is payable half-yearly on 30th September and 31st March and the tax deducted at source is 10%.
Pass necessary journal entries related to the debenture interest for the year ending 31st March , 2016 and transfer of interest on debentures of the year to the Statement of Profit and Loss .
Fill in the blank.
For recording the issue of debentures as collateral security by a journal entry _______ account is debited.
X Co. Ltd. purchased assets worth Rs.28,80,000. It issued debentures of Rs. 100 each at a discount of 4 per cent in full satisfaction of the purchase consideration. The number of debentures issued to vendor is ______.
When debentures are issued at a discount and are redeemable at a premium, which of the following accounts is debited at the time of issue?
Which of the following situations are commonly found in practice during the issue and redemption of debentures?
A debenture is a ______.
The loss on issue of Debentures is written-off from ______.
Rehana, Shakina and Jasmine are partners. They share When debentures are issued as collateral security, the final entry for recording the transaction in the books is ______.
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 ______.
Assertion (A): Sarita Pvt. Ltd. issued 15% 10,000 debentures at par @ ₹ 100 per debenture. The company suffered a loss but still the directors of the company paid interest on debentures.
Reason (R): Interest on debenture is a charge against profits and therefore, its payment is not subject to the earning of profit.
Debenture is ______.
MK Ltd. has outstanding Rs. 30,000 11% debentures of Rs. 100 each redeemable at 10% premium as follows:
| March 31, 2018 - | 10,000 debentures |
| March 31, 2019 - | 12,000 debentures |
| March 31, 2020 - | Remaining debentures |
Pass necessary journal entries in the books of the company.
