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प्रश्न
Journalise the following:
(i) A debenture issued at Rs. 95, repayable at Rs. 100;
(ii) A debenture issued at Rs. 95, repayable at Rs. 105; and
(iii) A debenture issued at Rs. 100, repayable at Rs. 105;
The face value of the debenture in each of the above cases is Rs. 100.
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उत्तर
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|||
|
(i) |
Bank A/c |
Dr. |
|
95 |
|
||
|
|
Discount on Issue of Debenture A/c |
Dr. |
|
5 |
|
||
|
|
|
To Debenture A/c |
|
|
100 |
||
|
|
(Debenture of Rs 100 issued at Rs 5 discount with the term repayable at Rs 100) |
|
|
|
|||
|
(ii) |
Bank A/c |
Dr. |
|
95 |
|
||
|
|
Loss on Issue of Debenture A/c |
Dr. |
|
10 |
|
||
|
|
|
To Debenture A/c |
|
|
100 |
||
|
|
|
To Premium on Redemption of Debentures |
|
|
5 |
||
|
|
(Debenture of Rs 100 issued at a discount of Rs 5 and with the term repayable at Rs 105) |
|
|
|
|||
|
(iii) |
Bank A/c |
Dr. |
|
100 |
|
||
|
|
Loss on Issue of Debenture A/c |
Dr. |
|
5 |
|
||
|
|
|
To Debenture A/c |
|
|
100 |
||
|
|
|
To Premium on Redemption of Debenture A/c |
|
|
5 |
||
|
|
(Debenture of Rs 100 issued with the term repayable at Rs 105) |
|
|
|
|||
APPEARS IN
संबंधित प्रश्न
What is meant by ‘Issue of debentures for Consideration other than Cash’?
What is meant by ‘Issue of debenture at discount and redeemable at premium’?
A company issues the following debentures:
- 10,000 12% debentures of Rs. 100 each at par but redeemable at a premium of 5% after 5 years;
- 10,000 12% debentures of Rs. 100 each at a discount of 10% but redeemable at par after 5 years;
- 5,000 12% debentures of Rs. 1,000 each at a premium of 5% but redeemable at par after 5 years;
- 1,000 12% debentures of Rs. 100 each issued to a supplier of machinery costing Rs. 95,000. The debentures are repayable after 5 years and
- 300 12% debentures of Rs. 100 each as collateral security to a bank that has advanced a loan of Rs. 25,000 to the company for a period of 5 years.
Pass the journal entries to record the: (a) issue of debentures, and (b) repayment of debentures after the given period.
Vijay Laxmi Ltd. invited applications for 10,000; 12% Debentures of ₹ 100 each at a premium of ₹ 70 per debenture .The full amount was payable on application.
Applications were received for 13,500 debentures. Applications for 3,500 debentures were rejected and application money was refunded . Debentures were allotted to the remaining applications .
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.
'Sangam Woollens Ltd.', Ludhiana, are the manufacturers and exporters of woollen garments. The company decided to distribute free of cost woollen garments to 10 villages of Lahaul and Spiti District of Himachal Pradesh. The company also decided to employ 50 young persons from these villages in its newly established factory. The company issued 40,000 Equity Shares of ₹ 10 each and 1,000, 9% Debentures of ₹ 100 each to the vendor for the purchase of machinery of ₹ 5,00,000. Pass necessary Journal entries.
Pass necessary Journal entries relating to the issue of debentures for the following:
(a) Issued ₹ 4,00,000; 9% Debentures of ₹ 100 each at a premium of 8% redeemable at 10% premium.
(b) Issued ₹ 6,00,000; 9% Debentures of ₹ 100 each at par, repayable at a premium of 10%.
(c) Issued ₹ 10,00,000; 9% Debentures of ₹ 100 each at a premium of 5%, redeemable at par.
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%.
Pass necessary Journal entries for the issue of debentures in the following cases:
- ₹ 40,000; 12% Debentures of ₹ 100 each issued at a premium of 5% redeemable at par.
- ₹ 70,000; 12% Debentures of ₹ 100 each issued at a premium 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 .
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.
Fill in the blank.
For recording the issue of debentures as collateral security by a journal entry _______ account is debited.
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 ______.
Pick the odd one out.
Which of the following is not a characteristic of Bearer Debentures?
Assertion (A): Sarita Pvt. Ltd. issued 15% 10,000 debentures at par @ ₹ 100 per debenture. The company suffered a loss but still the directors of the company paid interest on debentures.
Reason (R): Interest on debenture is a charge against profits and therefore, its payment is not subject to the earning of profit.
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.
X Ltd. purchased assets of ₹ 18,00,000 and took over liabilities of ₹ 6,00,000 of Y Ltd. for a purchase consideration of ₹ 10,00,000. The payment to Y Ltd. was made by issue of 9% debentures of ₹ 100 each at ₹ 125. Calculate the number of 9% debentures issued in favour of Y Ltd. and pass the necessary journal entries for the above transactions in the books of X Ltd.
