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प्रश्न
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.
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उत्तर
In the books of Grown Ltd.
Journal
|
Date |
Particulars |
|
L.F. |
Debit |
Credit |
|
|
Incorporation Expenses A/c |
Dr. |
5,00,000 |
|
|
|
|
To Promoters A/c |
|
|
5,00,000 |
|
|
|
(Being amount due to promoters for their services) |
|
|
|
|
|
|
|
|
|
||
|
|
Promoters A/c |
Dr. |
5,00,000 |
|
|
|
|
To 10% Debentures A/c (500 × 1,000) |
|
|
5,00,000 |
|
|
|
(Being 500, 10% debentures issued as purchase consideration) |
|
|
|
|
|
|
|
|
|
||
|
|
Underwriting Commission A/c |
Dr. |
1,00,000 |
|
|
|
|
To Underwriters A/c |
|
|
1,00,000 |
|
|
|
(Being amount due to underwriters for their services) |
|
|
|
|
|
|
|
|
|
||
|
|
Underwriters A/c |
Dr. |
1,00,000 |
|
|
|
|
To 10% Debentures A/c (100 × 1,000) |
|
|
1,00,000 |
|
|
|
(Being 100, 10% debentures issued as purchase consideration) |
|
|
|
|
|
|
|
|
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||
|
|
Statement of Profit and Loss A/c |
Dr. |
6,00,000 |
|
|
|
|
To Incorporation Expenses A/c |
|
|
5,00,000 |
|
|
|
To Underwriting Commission A/c |
|
|
1,00,000 |
|
|
|
(Being expenses transferred to statement of profit and loss at the end of year) |
|
|
|
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संबंधित प्रश्न
Short Answer Question
What is ‘Capital Reserve’?
What is meant by an ‘Irredeemable Debenture’?
B.Ltd. purchased assets of the book value of Rs 4,00,000 and took over the liability of Rs 50,000 from Mohan Bros. It was agreed that the purchase consideration, settled at Rs,3,80,000, be paid by issuing debentures of Rs 100 each.
What Journal entries will be made in the following three cases, if debentures are issued: (a) at par; (b) at discount; (c) at premium of 10%? It was agreed that any fraction of debentures be paid in cash.
Narain Laxmi Ltd. invited applications for issuing 7,500; 12% Debentures of ₹ 100 each at a premium of ₹ 35 per debenture . The full amount was payable on application. Applications were received for 10,000 Debentures. Allotment was made to all the applications on pro rata.
Pass necessary Journal entries for the above transactions in the books of Narain Laxmi Ltd.
Alka Ltd . issued 5,000, 10% Debentures of ₹ 1,000 each at a discount of 10% redeemable at a premium of 5% after 5 years . According to the terms of issue ₹ 500 was payable on application and the balance amount on allotment of debentures. Record necessary entries regarding issue of 10% Debentures.
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 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 June, 2017, R Energy Ltd. issued 10,000, 7% Debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 10% at the end of five years. All the debentures were subscribed and allotment was made.
Prepare the Balance Sheet (extract) as at 31st March, 2018.
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.
Office Products Ltd, issued on 1st April, 2018, 20,000, 9% Debentures of ₹ 100 each at a premium of 10% redeemable at a premium of 5% after 5 years. Issue price was payable along with application. Pass the necessary Journal entries.
Debentures which are transferable by mere delivery are ______.
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?
Premium on redemption is shown under which head until debentures are redeemed?
A debenture is a ______.
Loss on Issue of Debenture Account is shown:
Debentures are considered as ______ equity.
Debenture premium cannot be used to ______.
X Ltd. purchased assets of ₹ 18,00,000 and took over liabilities of ₹ 6,00,000 of Y Ltd. for a purchase consideration of ₹ 10,00,000. The payment to Y Ltd. was made by issue of 9% debentures of ₹ 100 each at ₹ 125. Calculate the number of 9% debentures issued in favour of Y Ltd. and pass the necessary journal entries for the above transactions in the books of X Ltd.
