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प्रश्न
On 1st April, 2025, Mehar Ltd. issued 20,000, 12% Debentures of ₹ 100 each at 10% discount redeemable at 5% premium after 3 years. Issue price was payable ₹ 30 on application, ₹ 30 (after discount) on allotment and balance on first and final call. Interest is payable half yearly on 30th September and 31st March each year.
Application money received was ₹ 12,00,000. Debentures were allotted on 1st May, 2025 to all the applicants. on pro rata basis. First and final call was not made during the year.
Pass the Journal entries for the year ended 31st March, 2026.
रोजनामा प्रविष्टि
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उत्तर
| Journal Entries In the books of Mehar Ltd. |
||||
|---|---|---|---|---|
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
| 2025 April 1 | Bank A/c ...Dr. | 12,00,000 | — | |
| To Debentures Application A/c | — | 12,00,000 | ||
| (Application money received for 40,000 Debentures @ ₹ 30 per debenture) | ||||
| May 1 | Debentures Application A/c ...Dr. | 12,00,000 | — | |
| To 10% Debentures A/c | — | 6,00,000 | ||
| To Debentures Allotment A/c | — | 6,00,000 | ||
| (Debentures allotted) | ||||
| May 1 | Debentures Allotment A/c ...Dr. | 6,00,000 | — | |
| Loss on Issue of Debentures A/c (₹ 2,00,000 + ₹ 1,00,000) ...Dr. | 3,00,000 | — | ||
| To 10% Debentures A/c | — | 8,00,000 | ||
| To Premium on Redemption of Debentures A/c | — | 1,00,000 | ||
| (Issue of debentures at discount redeemable at premium) | ||||
| Sept. 30 | Debenture Interest A/c (₹ 14,00,000 × 12/100 × 5/12) ...Dr. | 70,000 | — | |
| To Debentureholders’ A/c | — | 70,000 | ||
| (Interest payable for five months ended 30th September, 2024) | ||||
| Sept. 30 | Debentureholders’ A/c ...Dr. | 70,000 | — | |
| To Bank A/c | — | 70,000 | ||
| (Payment of interest) | ||||
| 2026 March 31 | Debenture Interest A/c (20,000 × ₹ 70 × 12/100 × 6/12) ...Dr. | 84,000 | — | |
| To Debentureholders’ A/c | — | 84,000 | ||
| (Interest payable for six months) | ||||
| 2026 March 31 | Debentureholders’ A/c ...Dr. | 84,000 | — | |
| To Bank A/c | — | 84,000 | ||
| (Payment of Interest) | ||||
| 2026 March 31 | Statement of Profit & Loss (Finance Cost) ...Dr. | 1,54,000 | — | |
| To Debenture Interest A/c | — | 1,54,000 | ||
| (Transfer of debenture interest to Statement of Profit & Loss at the end of the year) | ||||
| 2026 March 31 | Statement of Profit & Loss (Finance Cost) ...Dr. | 3,00,000 | — | |
| To Loss on Issue of Debentures A/c | — | 3,00,000 | ||
| (Loss on issue of debentures written off) | ||||
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