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प्रश्न
On 1.1.2007 a Public Limited Company issued 15,000, 10% Debentures of Rs 100 each at par which were repayable at a premium of 15% on 31.12.2011. On the date of maturity, the company decided to redeem the above mentioned 10% Debentures as per the terms of issue, out of profits. The Profit and Loss A/c shows a credit balance of Rs 20,00,000 on this date. The offer was accepted by all the Debentures holders and all the Debentures were redeemed.
Pass the necessary journal entries in the books of the Company only for the redemption of Debentures, if the Company follows
Sec.117 C of the Companies Act.
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उत्तर
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
2011 |
|
|
|
|
|
|
Dec.31 |
Profit and Loss Appropriation A/c |
Dr. |
|
15,00,000 |
|
|
|
To Debenture Redemption Reserve A/c |
|
|
15,00,000 |
|
|
|
(Profit transferred to Debenture Redemption Reserve) |
|
|
|
|
|
|
|
|
|
|
|
|
|
10% Debentures A/c |
Dr. |
|
15,00,000 |
|
|
|
Premium on Redemption of Debentures A/c |
Dr. |
|
2,25,000 |
|
|
|
To Debentureholders |
|
|
17,25,000 |
|
|
|
(15,000 10% Debentures of Rs 100 each due for redemption at 15% premium) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenturesholders’ |
Dr. |
|
17,25,000 |
|
|
|
To Bank A/c |
|
|
17,25,000 |
|
|
|
(Payment made to Debentureholders) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture Redemption Reserve A/c |
Dr. |
|
15,00,000 |
|
|
|
To General Reserve A/c |
|
|
15,00,000 |
|
|
|
(Balance in Debenture Redemption Reserve transferred to General Reserve) |
|
|
|
|
