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प्रश्न
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 .
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उत्तर
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
|
|
|
Bank A/c (5,000×40) |
Dr. |
|
2,00,000 |
|
|
|
To Debenture Application A/c |
|
|
|
2,00,000 |
|
|
(Application money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture Application A/c |
Dr. |
|
2,00,000 |
|
|
|
To 9% Debentures A/c (5,000×30) |
|
|
|
1,50,000 |
|
|
To Security Premium Reserve A/c (5,000×10) |
|
|
|
50,000 |
|
|
(Application money adjusted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture Allotment A/c (5,000×45) |
Dr. |
|
2,25,000 |
|
|
|
To 9% Debentures A/c (5,000×30) |
|
|
|
1,50,000 |
|
|
To Security Premium Reserve A/c (5,000×15) |
|
|
|
75,000 |
|
|
(Allotment money due) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c (5,000×45) |
Dr. |
|
2,25,000 |
|
|
|
To Debenture Allotment A/c |
|
|
|
2,25,000 |
|
|
(Allotment money received) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debenture First and Final call A/c (5,000×55) |
Dr. |
|
2,75,000 |
|
|
|
To 9% Debentures A/c (5,000×40) |
|
|
|
2,00,000 |
|
|
To Security Premium Reserve A/c (5,000×15) |
|
|
|
75,000 |
|
|
(First call money due) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
2,75,000 |
|
|
|
To Debenture Final and Final call A/c |
|
|
|
2,75,000 |
|
|
(First Call money Received) |
|
|
|
|
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संबंधित प्रश्न
What is meant by ‘Issue of debenture at discount and redeemable at premium’?
Short Answer Question
What is discount on issue of debentures?
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 .
Narain Laxmi Ltd. invited applications for issuing 7,500; 12% Debentures of ₹ 100 each at a premium of ₹ 35 per debenture . The full amount was payable on application. Applications were received for 10,000 Debentures. Allotment was made to all the applications on pro rata.
Pass necessary Journal entries for the above transactions in the books of Narain Laxmi Ltd.
Alka Ltd . issued 5,000, 10% Debentures of ₹ 1,000 each at a discount of 10% redeemable at a premium of 5% after 5 years . According to the terms of issue ₹ 500 was payable on application and the balance amount on allotment of debentures. Record necessary entries regarding issue of 10% Debentures.
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.
Green Ltd. purchased the assets of Strong Ltd. for ₹ 40,00,000 and took over liabilities of 7,00,000 at an agreed value of ₹ 32,40,000. Payment was made by issuing 10% Debentures of 100 each at a discount of 10%. Pass the necessary Journal entries in the books of Green 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.
On 1st April, 2015. Mathew Ltd. issued 10,000, 9% Debentures of ₹ 100 each at a discount of 5%, redeemable at a premium of 5%. These debentures were redeemable as follows:
| On 31st March, 2016 | 2,000 Debentures; |
| On 31st March, 2017 | 5,000 Debentures; |
| On 31st March, 2018 | 3,000 Debentures. |
Prepare the Loss on Issue of Debentures Account, Debentures Account and Premium on Redemption of Debentures Account for three years.
When debentures are issued at par and are redeemable at a premium, the loss on such an issue is debited to ______.
When debentures are issued at a discount and are redeemable at a premium, which of the following accounts is debited at the time of issue?
Which of the following given statement is correct.
Statement 1 - "Shares cannot be converted into debentures whereas debentures can be converted into shares"
Statement 2 - "Shares can be converted into debentures whereas debentures cannot be converted into shares"
Debenture interest is paid as ______.
Which of the following is true with regard to 10% Debentures issued at a discount of 20%?
Assertion (A): Issue of debenture does not result in dilution of interest of equity shareholders.
Reason (R): Debenture holders have voting rights.
Which of the following is false with respect to debentures ?
A Ltd. took over the assets of ₹ 6,60,000 and liabilities of ₹ 80,000 of B Ltd. for an agreed purchase consideration of ₹ 6,00,000 payable 10% in cash and the balance by the issue of 15% debentures of ₹ 100 each at 10% discount. The number of debentures to be issued is:
Debenture is ______.
Premium received on issue of debentures may be utilised for:
