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प्रश्न
Finolex Ltd. issued on 1st July, 2025, 20,000, 7% Debentures of ₹ 100 each for subscription at 10% premium payable ₹ 40 on application; ₹ 40 (including premium) on allotment and balance on first and final call. The debentures were subscribed and allotted. The company has not made first and final call during the year ended 31st March, 2026. Interest was payable on 31st March each year.
Pass the Journal entry for issue of debentures and interest for the year ended 31st March, 2026 and transfer the interest to Statement of Profit & Loss.
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उत्तर
| Journal Entries in the Books of Finolex Ltd. |
||||
|---|---|---|---|---|
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
| 2025 July 1 | Bank A/c ...Dr. | 8,00,000 | ||
| To Debenture Application A/c | 8,00,000 | |||
| (Being application money received on 20,000 debentures @ ₹ 40 each) | ||||
| 2025 July 1 | Debenture Application A/c ...Dr. | 8,00,000 | ||
| To 7% Debentures A/c | 8,00,000 | |||
| (Being application money transferred to Debentures A/c) | ||||
| 2025 July 1 | Debenture Allotment A/c ...Dr. | 8,00,000 | ||
| To 7% Debentures A/c | 6,00,000 | |||
| To Securities Premium A/c | 2,00,000 | |||
| (Being allotment money due @ ₹ 40 per debenture, including premium of ₹ 10) | ||||
| 2025 July 1 | Bank A/c ...Dr. | 8,00,000 | ||
| To Debenture Allotment A/c | 8,00,000 | |||
| (Being allotment money received) | ||||
| 2026 March 31 | Debenture Interest A/c ...Dr. | 73,500 | ||
| To Debentureholders A/c | 73,500 | |||
| (Being interest due on called-up amount for 9 months) | ||||
| 2026 March 31 | Debentureholders A/c ...Dr. | 73,500 | ||
| To Bank A/c | 73,500 | |||
| (Being debenture interest paid) | ||||
| 2026 March 31 | Statement of Profit & Loss A/c ...Dr. | 73,500 | ||
| To Debenture Interest A/c | 73,500 | |||
| (Being debenture interest transferred to Statement of Profit & Loss) | ||||
Working Note:
Called-up amount per debenture:
Application = ₹ 40
Allotment excluding premium = ₹ 40 − ₹ 10 = ₹ 30
Called-up amount = ₹ 40 + ₹ 30 = ₹ 70 per debenture
Total called-up amount
= 20,000 × ₹ 70
= ₹ 14,00,000
Interest = ₹ 14,00,000 × 7% × `9/12`
= ₹ 73,500
Note: No entry is passed for the first and final call because the company did not make the call during the year.
