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प्रश्न
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.
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उत्तर
Books of Footfall Ltd.
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
Bank A/c |
Dr. |
|
9,00,000 |
|
|
|
To Debenture Application A/c |
|
|
9,00,000 |
|
|
|
(Debenture application money received for 10,000 debentures at Rs 90 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture Application A/c |
Dr. |
|
9,00,000 |
|
|
|
Discount on Issue of Debenture A/c |
Dr. |
|
1,00,000 |
|
|
|
Loss on issue of Debentures A/c |
Dr. |
|
50,000 |
|
|
|
To Debentures A/c |
|
|
10,00,000 |
|
|
|
To Premium on Redemption A/c |
|
|
50,000 |
|
|
|
(10,000 Debentures of Rs 100 each issued at 10% discount with the term repayable at 5% redemption) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debentures A/c |
Dr. |
|
10,00,000 |
|
|
|
Premium on Redemption A/c |
Dr. |
|
50,000 |
|
|
|
To Debentureholders’ A/c |
|
|
10,50,000 |
|
|
|
(Debentures due for redemption along with premium on redemption) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debentureholders’ A/c |
Dr. |
|
10,50,000 |
|
|
|
To Bank A/c |
|
|
10,50,000 |
|
|
|
(Amount due for redemption paid to debenture holders) |
|
|
|
|
संबंधित प्रश्न
What is meant by ‘Issue of debenture at discount and redeemable at premium’?
Short Answer Question
Name the head under which ‘discount on issue of debentures’ appears in the Balance Sheet of a company.
Long Answer Question
Explain the different terms for the issue of debentures with reference to their redemption.
A. Ltd. issued 50,00,000, 8% Debentures of Rs 100 at a discount of 6% on April 01, 2009, redeemable at a 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 the discount/loss on the issue of the debenture account.
Vijay Laxmi Ltd. invited applications for 10,000; 12% Debentures of ₹ 100 each at a premium of ₹ 70 per debenture .The full amount was payable on application.
Applications were received for 13,500 debentures. Applications for 3,500 debentures were rejected and application money was refunded . Debentures were allotted to the remaining applications .
Wye Ltd . purchased an established business for ₹ 2,00,000 payable as ₹ 65,000 by cheque and the balance by issuing 9% Debentures of ₹ 100 each at a discount of 10%.
Give journal entries in the books of Wye Ltd.
Newton Ltd. purchased a Machinery from B for ₹ 5,76,000 to be paid by the issue of 9% Debentures of ₹ 100 each at 4% discount. Journalise the trasactions.
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 discount of 10% as purchase consideration.
Record necessary journal entries in the books of Romi Ltd.
Journalise the following:
(a) A debenture issued at ₹95, repayable at ₹ 100.
(b) A debenture issued at ₹95, repayable at ₹ 105.
(c) A debenture issued at ₹95, repayable at ₹ 105.
The face value of debenture is ₹ 100 in each of the above cases.
Journalise the following transaction at the time of issue of 12% Debentures:
Nandan Ltd. issued ₹90,000, 12% Debentures of ₹ 100 each at a discount of 5% redeemable at 110%.
A limited company issued ₹ 1,00,000, 9% Debentures at a discount of 6% on 1st April, 2017. These debentures are to be redeemed equally, spread over 5 annual instalments.
Pass the Journal entries for issue of debentures and writing off the discount.
Garvit Ltd. invited applications for issuing 3,000, 11% Debentures of ₹ 100 each at a discount of 6%. The full amount was payable on application. Applications were received for 3,600 debentures. Applications for 600 debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants.
Pass the necessary Journal entries for the above transactions, including writing off the Discount on Issue of Debentures, in the books of Garvit Ltd.
Debentures which are transferable by mere delivery are ______.
A debenture is a ______.
When the debenture of face value of ₹ 100 is issued at ₹ 100 is called, issue off debenture at ______.
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 ______.
Discount on issue of debentures is a ______
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:
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.
