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प्रश्न
Pass journal entries in the following cases:
(a) A Co.Ltd. issued ₹40,000; 12% Debentures at a premium of 5% redeemable at par.
(b) A Co.Ltd. issued ₹40,000; 12% Debentures at a discount of 10% redeemable at par.
(c) A Co.Ltd. issued ₹40,000; 12% Debentures at par redeemable at 10% premium.
(d) A Co.Ltd. issued ₹40,000; 12% Debentures at a discount of 5% and redeemable at 5% premium.
(e) A Co.Ltd. issued ₹40,000; 12% Debentures at a premium of 10% redeemable at 110%.
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उत्तर
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
(a) |
Bank A/c |
Dr. |
|
42,000 |
|
|
|
To 12% Debenture Application A/c |
|
|
42,000 |
|
|
|
(Debenture application money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
12% Debenture Application A/c |
Dr. |
|
42,000 |
|
|
|
To 12% Debentures A/c |
|
|
40,000 |
|
|
|
To Securities Premium A/c |
|
|
2,000 |
|
|
|
(Debenture application money transferred to 12% Debentures account and securities premium account) |
|
|
|
|
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
(b) |
Bank A/c |
Dr. |
|
36,000 |
|
|
|
To 12% Debenture Application A/c |
|
|
36,000 |
|
|
|
(Debenture application money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
12% Debenture Application A/c |
Dr. |
|
36,000 |
|
|
|
Discount on Issue of Debentures A/c |
Dr. |
|
4,000 |
|
|
|
To 12% Debentures A/c |
|
|
40,000 |
|
|
|
(Debentures of Rs 40,000 issued at 10% discount) |
|
|
|
|
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
(c) |
Bank A/c |
Dr. |
|
40,000 |
|
|
|
To 12% Debenture Application A/c |
|
|
40,000 |
|
|
|
(Debenture application money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
12% Debenture Application A/c |
Dr. |
|
40,000 |
|
|
|
Loss on Issue of Debentures A/c |
Dr. |
|
4,000 |
|
|
|
To 12% Debentures A/c |
|
|
40,000 |
|
|
|
To Premium on Redemption A/c |
|
|
4,000 |
|
|
|
(Debentures of Rs 40,000 issued at par with the term repayable at 10% premium) |
|
|
|
|
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
(d) |
Bank A/c |
Dr. |
|
38,000 |
|
|
|
To 12% Debenture Application A/c |
|
|
38,000 |
|
|
|
(Debenture application money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture Application A/c |
Dr. |
|
38,000 |
|
|
|
Discount on Issue of Debenture A/c |
Dr. |
|
2,000 |
|
|
|
Loss on Issue of Debenture A/c |
Dr. |
|
2,000 |
|
|
|
To 12% Debentures A/c |
|
|
40,000 |
|
|
|
To Premium on Redemption A/c |
|
|
2,000 |
|
|
|
(Debentures of Rs 40,000 issued at 5% discount with the term repayable at 5% premium) |
|
|
|
|
Journal
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
(e) |
Bank A/c |
Dr. |
|
44,000 |
|
|
|
To 12% Debenture Application A/c |
|
|
44,000 |
|
|
|
(Debenture application money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
12% Debenture Application A/c |
Dr. |
|
44,000 |
|
| Loss on Issue of Debentures A/c | Dr. | 4,000 | |||
|
|
To 12% Debentures A/c |
|
|
40,000 |
|
|
|
To Securities Premium A/c |
|
|
4,000 |
|
| To Premium on Redemption A/c | 4,000 | ||||
|
|
(Debenture of Rs 40,000 issued at 10% premium with the term payable at 10% premium) |
|
|
|
|
APPEARS IN
संबंधित प्रश्न
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 a premium of 10%? It was agreed that any fraction of debentures be paid in cash.
(Note: Goodwill Rs. 30,000)
B. Ltd. issued debentures at 94% for Rs 4,00,000 on April 01, 2011 repayable by five equal drawings of Rs 80,000 each. The company prepares its final accounts on March 31 every year.
Indicate the amount of discount to be written-off every accounting year assuming that the company decides to write-off the debentures discount during the life of debentures. (Amount to be written-off: 2012 Rs 8,000; 2013 Rs 6,400; 2014 Rs 4,800; 2015 Rs 2,000; 2016 Rs 1,600).
Alok Ltd. issued 7,000, 10% Debentures of ₹ 500 each at a premium of ₹ 50 per debenture redeemable at a premium of 10% after 5 years. According to the terms of issue, ₹ 200 was payable on application and balance on allotment.
Record necessary Journal entries at the time of issue of 10% Debentures.
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.
Exe Ltd. purchased the assets of the book value ₹4,00,000 and took over the liabilities of ₹ 50,000 from Mohan Bros.It was agreed that the purchase consideration ,settled at ₹3,80,000 be paid by issuing debentures of ₹ 100 each.
Pass journal entries if debenture are issued:
(a) at par
(b) at a discount of 10% and
(c) at a premium of 10%.
It was agreed that any fraction of debentures be paid in cash.
'Sangam Woollens Ltd.', Ludhiana, are the manufacturers and exporters of woollen garments. The company decided to distribute free of cost woollen garments to 10 villages of Lahaul and Spiti District of Himachal Pradesh. The company also decided to employ 50 young persons from these villages in its newly established factory. The company issued 40,000 Equity Shares of ₹ 10 each and 1,000, 9% Debentures of ₹ 100 each to the vendor for the purchase of machinery of ₹ 5,00,000. Pass necessary Journal entries.
Pass necessary Journal entries relating to the issue of debentures for the following:
(a) Issued ₹ 28,000; 10% Debentures of ₹ 100 each at a premium of 15% redeemable at par.
(b) Issued ₹ 30,000; 10% Debentures of ₹ 100 each at a premium of 10% and redeemable at a premium of 15%.
(c) Issued ₹ 80,000; 10% Debentures of ₹ 100 each at par repayable at a premium of 10%.
XYZ Ltd.issued 5,000 , 10% Debentures of ₹ 100 each on 1st April, 2015 at a discount of 10% redeemable at a premium of 10% after 4 years. Give journal entries for the year ended 31st March, 2016, assuming that the interest was payable half-yearly on 30th September and 31st March. Tax is to be deducted @ 10%.
Excess value of net assets over purchase consideration at the time of purchase of business is credited to ______.
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?
The word 'debenture' has been derived from which Latin word (which means to borrow)?
Rehana, Shakina and Jasmine are partners. They share When debentures are issued as collateral security, the final entry for recording the transaction in the books is ______.
Assertion (A): Debentures saves income tax.
Reason (R): Interest on debenture is tax deductible expenditure.
Which of the following is not a characteristic of Bearer Debentures?
10% Debenture issued at ₹ 105 is repayable at ₹ 110, the face value of the debenture being ₹ 100. Calculate the amount of loss on redemption of debentures.
Assertion (A): Sarita Pvt. Ltd. issued 15% 10,000 debentures at par @ ₹ 100 per debenture. The company suffered a loss but still the directors of the company paid interest on debentures.
Reason (R): Interest on debenture is a charge against profits and therefore, its payment is not subject to the earning of profit.
Madhur Ltd. has outstanding 9% debentures of Rs. 50,00,000 redeemable at par on January 01, 2020. Debenture Redemption Reserve of Rs. 2,00,000 on March 31, 2018 and balance of the required amount of DRR was created on March 31, 2019. The company invested in specified securities (DRI) the required amount on April 01, 2019. Debentures were redeemed on the due date. Record necessary journal entries in the books of the company and also prepare the ledger accounts (ignore interest).
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.
