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प्रश्न
On 1st April 2022, Galaxy ltd. had a balance of ₹8,00,000 in Securities Premium account. During the year company issued 20,000 Equity shares of ₹10 each as bonus shares and used the balance amount to write off Loss on issue of Debenture on account of issue of 2,00,000, 9% Debentures of ₹100 each at a discount of 10% redeemable @ 5% Premium. The amount to be charged to Statement of P & L for the year for Loss on issue of Debentures would be:
विकल्प
₹ 30,00,000
₹ 22,00,000
₹ 24,00,000
₹ 20,00,000
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उत्तर
₹ 24,00,000
Explanation:
Given balance = ₹8,00,000
20,000 equity shares of ₹10 each issued as bonus = ₹2,00,000
Remaining Securities Premium = 8,00,000 − 2,00,000 = ₹6,00,000
2,00,000 debentures of ₹100 each issued at 10% discount and redeemable at 5% premium.
Discount = 10% of 2,00,000 × 100 = ₹20,00,000
Premium on Redemption = 5% of 2,00,000 × 100 = ₹10,00,000
Total Loss = ₹30,00,000
Remaining balance in Securities Premium = ₹6,00,000 used to write off.
Balance Loss = 30,00,000 − 6,00,000
= ₹24,00,000
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संबंधित प्रश्न
Pass necessary journal entries in the given cases :
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On 1-4-2015 V.V.L. Ltd issued 1000, 9% debentures of Rs 100 each at a discount of 6%, redeemable at a premium of 10% after three years.
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From the following Statement of Profit and Loss of Navratan Ltd. for the year ended 31st March, 2013, prepare a Comparative Statement of Profit and Loss:
| Particulars | Note No. | 2012 – 13 Rs |
2011 – 12 Rs |
| Revenue from operations | 8,05,000 | 6,14,000 | |
| Other Incomes | 43,000 | 51,000 | |
| Expenses | 5,59,000 | 4,88,000 |
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Pass necessary Journal Entries for the above transactions in the books of Narain Laxmi Ltd.
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Pass necessary Journal Entries in the books of the company for the above transactions.
Pass necessary Journal entries for the following transaction in the books of Fortune Ltd:
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Answer in a sentence only.
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Answer in a sentence only.
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Write one word/term/phrase which can substitute the following
The debentures where a charge is created on the assets of company.
Write one word/term/phrase which can substitute the following
The issue of debentures more than face value of debentures
Select most appropriate alternative from those given below :
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State to whether the following statement is True/False.
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1. At par
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3. At Premium of 10%
Record necessary journal entries
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Pass the necessary journal entries in the books of Hero Ltd. for the above transactions.
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Pass the necessary journal entries for the above transactions in the books of BGP Ltd.
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Pass journal entries relating to issue of debentures for the following transactions:
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Pass necessary journal entries for the issue of debentures in the following cases:
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- Issued 500, 9% debentures of ₹ 100 each at 10% discount redeemable at 10% premium.
Pass necessary journal entries for the issue of debentures in the following cases :
- Issued ₹ 75,00,000, 9% debentures of ₹100 each at a premium of 10% redeemable at a premium of 5% after 3 years.
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- Issued 90,000, 9% debentures of ₹100 each at par, redeemable at par after 4 years.
Pass necessary journal entries for the issue of debentures in the following cases :
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- Issued 75,000, 12% debentures of ₹ 100 each at par, redeemable at premium of 10% after three years.
Pass necessary journal entries for the issue of debentures in the following cases:
- Issued 5,000, 9% debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 5% after 5 years.
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- Issued 8,750, 12% debentures of ₹100 each at par, redeemable at par after 5 years.
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Pass necessary journal entries in the books of Vimal Ltd. for the above transactions.
Chiranjeevi Limited issued 2,000, 10% debentures of ₹ 100 each. Pass the necessary Journal entries for the issue of debentures in the following cases:
- When debentures were issued at 10% premium, redeemable at 5% premium.
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- When debentures were issued at par, redeemable at a premium of 10%
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What amount will be added under Operating Activities as Discount on Issue of Debentures written off in the Cash Flow Statement of SM Ltd. for the year 2021-22?
On 1st April, 2023, Ruth Ltd. purchased Plant and Machinery for ₹ 11,00,000 from Pablo Ltd. payable as to ₹ 1,00,000 by accepting a promissory note and the balance by an issue of 11% Debentures of ₹ 100 each at a premium of 10% to be redeemed at a premium of 2 % after six years. You are required to pass journal entries in the books of Ruth Ltd. only to record the payment made to Pablo Ltd.
The following balances have been extracted from the books of Nirvana Ltd, as at 31st March, 2024:
| Particulars | (₹) | Particulars | (₹) |
| Security deposit for electricity for ten years | 30,000 | Uncalled amount on partly paid-up shares | 8,00,000 |
| Underwriting commission | 20,000 | 10% Debentures | 5,00,000 |
| General Reserve | 70,000 | Statement of P/L (Dr.) | 10,000 |
| Fixed Deposits | 2,00,000 | Calls-in arrears @ ₹ 1 per share | 40,000 |
| Premium on redemption of Debentures | 20,000 | Securities Premium | 2,00,000 |
| Equity Share Capital (1,00,000 shares of ₹ 10 each) |
10,00,000 |
You are required to show the above items in Notes to Accounts accompanying the Balance Sheet of Nirvana Ltd. prepared as per Schedule III of the Companies Act 2013 as at 31st March, 2024.
