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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) |
|
|
|
|
|
|
|
|
|
||
|
|
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
What is meant by an ‘Irredeemable Debenture’?
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₹ 25 on application; ₹ 25 on allotment and ₹ 50 on first and final call.
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Pass necessary Journal entries in the books of the company.
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Pass necessary Journal entries for the above transactions in the books of Narain Laxmi Ltd.
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Bright Ltd. took over the assets of ₹ 6,60,000 and liabilities of ₹ 80,000 of Star Ltd. for an agreed purchase consideration of ₹ 6,00,000 payable 10% in cash and the balance by the issue of 12% Debentures of ₹ 100 each. Give necessary Journal entries in the books of Bright Ltd., assuming that:
Case (a): The debentures are issued at par.
Case (b): The debentures are issued at 20% premium.
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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.
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.
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On 1st April, 2017, Solar Power Ltd. issued 10,000, 8% Debentures of ₹ 100 each at a discount of 5% redeemable at a premium of 15% at the end of five years. All the debentures were subscribed and allotment was made. The company had balance in Securities Premium Reserve of ₹ 80,000.
Prepare the Balance Sheet (extract) as at 31st March, 2018.
Debentures which are transferable by mere delivery are ______.
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 given statement is correct.
Statement 1 - "Shares cannot be converted into debentures whereas debentures can be converted into shares"
Statement 2 - "Shares can be converted into debentures whereas debentures cannot be converted into shares"
Which of the following. column indicated in·the statement given below is to be credited?
"Writing off the loss on issue of debentures"
When the debenture of face value of ₹ 100 is issued at ₹ 100 is called, issue off debenture at ______.
Loss on issue of debentures is treated as ______.
Which of the following is not a characteristic of Bearer Debentures?
Which of the following is not a source of cash?
