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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) |
|
|
||
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संबंधित प्रश्न
What is meant by ‘Issue of debenture at discount and redeemable at premium’?
Short Answer Question
Name the head under which ‘discount on issue of debentures’ appears in the Balance Sheet of a company.
A. Ltd. issued 50,00,000, 8% Debentures of Rs 100 at a discount of 6% on April 01, 2009, redeemable at a 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 the discount/loss on the issue of the debenture account.
Narain Laxmi Ltd. invited applications for issuing 7,500; 12% Debentures of ₹ 100 each at a premium of ₹ 35 per debenture. The issue price was payable on application. Issue was subscribed and allotment was made.
Pass necessary Journal entries for the above transactions in the books of Narain Laxmi Ltd.
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.
The Amrit Ltd was promoted by Amrit and Bhaskar with an authorised capital of ₹ 10,00,000 divide into 1,00,000 shares of ₹ 10 each.
The company decided to issue 1,000 6% Debentures of ₹ 100 each to Amrit and Bhaskar, each for their services in incorporating the company.
Pass journal entry.
Newton Ltd. purchased a Machinery from B for ₹ 5,76,000 to be paid by the issue of 9% Debentures of ₹ 100 each at 4% discount. Journalise the trasactions.
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.
Journalise the following transaction at the time of issue of 12% Debentures:
Nandan Ltd. issued ₹90,000, 12% Debentures of ₹ 100 each at a discount of 5% redeemable at 110%.
Bright Ltd. issued 5,000; 10% Debentures of ₹ 100 each on 1st April, 2015 . The issue was fully subscribed . According to the terms of issue, interest on the debentures is payable half-yearly on 30th September and 31st March and the tax deducted at source is 10%.
Pass necessary journal entries related to the debenture interest for the year ending 31st March , 2016 and transfer of interest on debentures of the year to the Statement of Profit and Loss .
The loss on issue of Debentures is written-off from ______.
Pick the odd one out:
When the debenture of face value of ₹ 100 is issued at ₹ 100 is called, issue off debenture at ______.
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?
Interest on debentures is calculated on ______.
A company can issue debentures:
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).
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.
