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प्रश्न
Vishwas Ltd. issued 2,000; 9% Debentures of ₹ 100 each payable as follows:
₹ 25 on application; ₹ 25 on allotment and ₹ 50 on first and final call.
Applications were received for all the debentures along with the application money did allotment was made . Call money was also received on the due date.
Pass necessary Journal entries in the books of the company.
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उत्तर
Books of Vishwas Ltd.
Journal
|
Date |
Particulars
|
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
Bank A/c |
Dr. |
|
50,000 |
|
|
|
To 9% Debenture Application A/c |
|
|
50,000 |
|
|
|
(Debenture application money received for 2,000 debentures at Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
9% Debenture Application A/c |
Dr. |
|
50,000 |
|
|
|
To 9% Debenture A/c |
|
|
50,000 |
|
|
|
(Debenture application money transferred to 9% Debentures A/c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
9% Debenture Allotment A/c |
Dr. |
|
50,000 |
|
|
|
To 9% Debentures A/c |
|
|
50,000 |
|
|
|
(Debenture allotment money due on 2,000 Debentures at Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
50,000 |
|
|
|
To 9% Debenture Allotment A/c |
|
|
50,000 |
|
|
|
(Debenture allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
9% Debenture First and Final Call A/c |
Dr. |
|
1,00,000 |
|
|
|
To 9% Debentures A/c |
|
|
1,00,000 |
|
|
|
(Debenture first and final call money due on 2,000 debentures at Rs 50 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
1,00,000 |
|
|
|
To 9% Debenture First and Final Call A/c |
|
|
1,00,000 |
|
|
|
(Debenture first and final call received) |
|
|
||
APPEARS IN
संबंधित प्रश्न
Short Answer Question
What is discount on issue of debentures?
Long Answer Question
Explain the different terms for the issue of debentures with reference to their redemption.
A.Ltd. issued 50,00,000, 8% Debenture of Rs 100 at a discount of 6% on April 01, 2009 redeemable at premium of 4% by draw of lots as under:
20,00,000 Debentures on March, 2011
10,00,000 Debentures on March, 2013
20,00,000 Debentures on March, 2014
Compute the amount of discount to be written-off in each year till debentures are paid. Also prepare discount/loss on issue of debenture account.
A company issues the following debentures:
- 10,000 12% debentures of Rs.100 each at par but redeemable at premium of 5% after 5 years;
- 10,000 12% debentures of Rs.100 each at a discount of 10% but redeemable at par after 5 years;
- 5,000 12% debentures of Rs.1,000 each at a premium of 5% but redeemable at par after 5 years;
- 1,000 12% debentures of Rs.100 each issued to a supplier of machinery costing Rs.95,000. The debentures are repayable after 5 years and
- 300 12% debentures of Rs.100 each as a collateral security to a bank that has advanced a loan of Rs.25,000 to the company for a period of 5 years.
Pass the journal entries to record the issue of debentures.
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).
B. Ltd. issued 1,000, 12% debentures of Rs 100 each on April 01, 2014 at a discount of 5% redeemable at a premium of 10%.
Give journal entries relating to the issue of debentures and debentures interest for the period ending March 31, 2015 assuming that interest is paid half yearly on September 30 and March 31 and tax deducted at source is 10%.
Nipa Limited issued ₹ 10,00,000 Debentures of ₹ 100 each at a premium of 10% , payable 25% on application (including premium) and the balance on allotment . The debentures were applied for and the amount was dully received.
You are required to give Journal entries and prepare Cash Book.
Iron Products Ltd. issued 5,000; 9% Debentures of ₹ 100 each at a premium of ₹ 40 payable as follows;
(i) ₹ 40 , including premium of ₹ 10 on applications;
(ii) ₹ 45, including premium of ₹ 15 on allotment ; and
(iii) Balance as first and final call.
The issue was subscribed and allotment made. Calls were made and due amount was received .
Pass Journal entries .
X Ltd . issued 12,000; 8% Debentures of ₹ 100 each at a discount of 5% payable as 25% on application;20% on allotment and balance after three months.
Pass Journal entries.
Romi Ltd. acquired assets of ₹ 20 lakhs and took over creditors of ₹ 2 lakhs from Kapil Enterprises.
Romi Ltd. issued 8% Debentures of ₹ 100 each at a premium of 25% as purchase consideration.
Record necessary journal entries in the books of Romi Ltd.
Pass necessary Journal entries for the issue of debentures in the following cases:
- ₹ 40,000; 12% Debentures of ₹ 100 each issued at a premium of 5% redeemable at par.
- ₹ 70,000; 12% Debentures of ₹ 100 each issued at a premium of 5% redeemable at ₹ 110.
On 1st April, 2015, V.V.L.Ltd issued 1,000, 9% Debentures of ₹ 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pass necessary journal entries for the issue of debentures and debenture interest for the year ended 31st March, 2016, assuming that interest is payable on 30th September and 31st March and the rate of tax deducted at source is 10%. The company closes its books on 31st March every year.
Which of the following situations are commonly found in practice during the issue and redemption of debentures?
The loss on issue of Debentures is written-off from ______.
When the debenture of face value of ₹ 100 is issued at ₹ 100 is called, issue off debenture at ______.
Debenture premium cannot be used to ______.
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.
Interest on debentures is calculated on ______.
Maximum limit on premium on issue of debentures is ______.
MK Ltd. has outstanding Rs. 30,000 11% debentures of Rs. 100 each redeemable at 10% premium as follows:
| March 31, 2018 - | 10,000 debentures |
| March 31, 2019 - | 12,000 debentures |
| March 31, 2020 - | Remaining debentures |
Pass necessary journal entries in the books of the company.
