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प्रश्न
A Ltd . issued 2,000; 9% Debentures of ₹ 100 each on the following terms:
₹20 on applications ;₹ 20 on allotment ; ₹ 30 on first call ; ₹ 30 on final call.
The public applied for 2,400 debentures. Applications for 1,800 debentures were accepted in full. Applications for 400 debentures were allotted 200 debentures and applications for 200 debentures were rejected . Pass necessary Journal entries .
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उत्तर
Books of A Ltd.
Journal
|
Date |
Particular |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
Bank A/c |
Dr. |
|
48,000 |
|
|
|
To 9% Debenture Application A/c |
|
|
48,000 |
|
|
|
(Debenture application money received for 2,400 debentures at Rs 20 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
9% Debenture Application A/c |
Dr. |
|
48,000 |
|
|
|
To 9% Debentures A/c |
|
|
40,000 |
|
|
|
To 9% Debentures Allotment A/c |
|
|
4,000 |
|
|
|
To Bank A/c |
|
|
4,000 |
|
|
|
(Debenture application money transferred to 9% Debenture account for 2,000 Debenture, adjusted to Debenture Allotment account for 200 Debentures and money refunded for 200 debentures) |
|
|
|
|
|
|
|
|
|
|
|
|
|
9% Debenture Allotment A/c |
Dr. |
|
40,000 |
|
|
|
To 9% Debentures A/c |
|
|
40,000 |
|
|
|
(Debenture allotment money due on 2,000 debentures at Rs 20 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
36,000 |
|
|
|
To 9% Debentures Allotment A/c |
|
|
36,000 |
|
|
|
(Debenture allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture First Call A/c |
Dr. |
|
60,000 |
|
|
|
To 9% Debentures A/c |
|
|
60,000 |
|
|
|
(Debenture first call money due on 2,000 9% debenture at Rs 30 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
60,000 |
|
|
|
To Debenture First Call A/c |
|
|
60,000 |
|
|
|
(Debenture first call money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture Final Call A/c |
Dr. |
|
60,000 |
|
|
|
To 9% Debentures A/c |
|
|
60,000 |
|
|
|
(Debentures final call money due on 2,000 9% Debentures at Rs 30 each) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
60,000 |
|
|
|
To Debenture Final Call A/c |
|
|
60,000 |
|
|
|
(Debenture final call received on 2,000 9% Debenture at Rs 30 each) |
|
|
|
|
संबंधित प्रश्न
What is meant by an ‘Irredeemable Debenture’?
Short Answer Question
Name the head under which ‘discount on issue of debentures’ appears in the Balance Sheet of a company.
What accounting treatment is given to the issue of debentures in the books of accounts?
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).
Raj Ltd . issued 5,000; 8% Debentures of ₹ 100 each at a premium of 5% payable as follows:
₹ 10 on application ; ₹ 20 along with premium on allotment and balance on first and final call.
Pass necessary Journal entries.
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 .
Bright Ltd. took over the assets of ₹ 6,60,000 and liabilities of ₹ 80,000 of Star Ltd. for an agreed purchase consideration of ₹ 6,00,000 payable 10% in cash and the balance by the issue of 12% Debentures of ₹ 100 each. Give necessary Journal entries in the books of Bright Ltd., assuming that:
Case (a): The debentures are issued at par.
Case (b): The debentures are issued at 20% premium.
Case (c): The debentures are issued at 10% discount.
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%.
Fill in the blank.
For recording the issue of debentures as collateral security by a journal entry _______ account is debited.
Premium on redemption is shown under which head until debentures are redeemed?
Loss on Issue of Debenture Account is shown:
The loss on issue of Debentures is written-off from ______.
Pick the odd one out:
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?
A company can issue debentures:
Which of the following is not a source of cash?
Premium received on issue of debentures may be utilised for:
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.
