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प्रश्न
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 debenture 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%.
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उत्तर
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
||||
|
2014 |
|
|
|
|
|
|||
|
Apr. 01 |
Bank A/c |
Dr. |
|
95,000 |
|
|||
|
|
Loss on Issue on Debentures A/c |
Dr. |
|
15,000 |
|
|||
|
|
|
To 12% Debenture A/c |
|
|
1,00,000 |
|||
|
|
|
To Premium on Redemption of Debentures A/c |
|
|
10,000 |
|||
|
|
(Debenture issued at discount and redeemable at Premium) |
|
|
|
||||
|
Sept. 30 |
Debenture Interest A/c |
Dr. |
|
6,000 |
|
|||
|
|
|
To Income Tax Payable A/c |
|
|
600 |
|||
|
|
|
To Debenture Holders A/c |
|
|
5,400 |
|||
|
|
(Amount of interest on 12% debentures Rs 1,00,000 due for 6 months and 10% tax deducted at source) |
|
|
|
||||
|
Sept. 30 |
Debenture Holders A/c |
Dr. |
|
5,400 |
|
|||
|
|
|
To Bank A/c |
|
|
5,400 |
|||
|
|
(Interest paid to Debenture Holders) |
|
|
|
||||
|
2015 |
Debenture Interest A/c |
Dr. |
|
6,000 |
|
|||
|
|
|
To Income Tax Payable A/c |
|
|
600 |
|||
|
|
|
To Debenture Holders A/c |
|
|
5,400 |
|||
|
|
(Amount of interest on 12% Debentures Rs 1,00,000 due for 6 months and 10% tax deducted at source) |
|
|
|
||||
|
Mar. 31 |
Debenture Holders A/c |
Dr. |
|
|
5,400 |
|||
|
|
|
To Bank A/c |
|
|
5,400 |
|||
|
|
(Interest paid to Debenture Holders) |
|
|
|
||||
|
Mar. 31 |
Profit and Loss A/c |
Dr. |
|
12,000 |
|
|||
|
|
|
To Debenture Interest A/c |
|
|
12,000 |
|||
|
|
(Interest on debentures transferred to Profit and Loss Account) |
|
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APPEARS IN
संबंधित प्रश्न
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).
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 .
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.
Wye Ltd . purchased an established business for ₹ 2,00,000 payable as ₹ 65,000 by cheque and the balance by issuing 9% Debentures of ₹ 100 each at a discount of 10%.
Give journal entries in the books of Wye Ltd.
Journalise the following:
(a) A debenture issued at ₹95, repayable at ₹ 100.
(b) A debenture issued at ₹95, repayable at ₹ 105.
(c) A debenture issued at ₹95, repayable at ₹ 105.
The face value of debenture is ₹ 100 in each of the above cases.
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%.
Raja Ltd. issued ₹ 2,00,000, 10% Debentures at a discount of 5%. The terms of issue provide the repayment at the end of 4 years. Kitply Ltd. has a balance of ₹ 5,00,000 in Securities Premium.
Pass the Journal entries for issue of debentures and writing off the discount.
[Hint: Dr. Securities Premium A/c and Cr. Discount on Issue of Debentures A/c by ₹ 10,000
A limited company issued ₹ 1,00,000, 9% Debentures at a discount of 6% on 1st April, 2017. These debentures are to be redeemed equally, spread over 5 annual instalments.
Pass the Journal entries for issue of debentures and writing off the discount.
On 1st January, 2017, Raha Ltd. issued 6,000, 8% Debentures of nominal (face) value of ₹ 100 each redeemable at 5% premium in equal proportions at the end of 5, 10 and 15 years. It has a balance of ₹ 10,000 in Securities Premium Reserve.
Pass Journal entries. Also give Journal entries for writing off Loss on Issue of Debentures.
When debentures are issued at par and are redeemable at a premium, the loss on such an issue is debited to ______.
The word 'debenture' has been derived from which Latin word (which means to borrow)?
Debenture interest is paid as ______.
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 ______.
Interest on Debentures is a charge against ______.
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:
XYZ Ltd. Issued 6,000, 12% Debentures of ? 50 each on April 1, 2014. Interest on these debenture is payable annually 3151 March each year. The debentures are redeemable in four equal installments at end of third, fourth, fifth and sixth year. You are required to pan journal entries at the time of issue and redemption of debentures in the books of the company under following cases:
- Debentures are issued at par and redeemable at par.
- Debentures are issued at a premium of 10% and redeemable at par.
- Debentures are issued at a discount of 10% and redeemable at par.
- Debenture are issued at par but redeemable at a premium of 10%.
- Debentures are issued at a premium of 10% and redeemable at premium of 10%.
- Debenture are issued at a discount of 10% and redeemable at a premium of 10%.
