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प्रश्न
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.
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उत्तर
In the books of Mathew Ltd.
Loss on Issue of Debentures A/c
Dr. Cr.
|
Date |
Particulars |
Amount (₹) |
Date |
Particulars |
Amount (₹) |
||
| 2015 |
|
2016 |
|
||||
| April 01 | To 9% Debentures A/c |
1,00,000 |
March 31 | By Statement of Profit & Loss A/c |
1,00,000 |
||
|
1,00,000 |
1,00,000 |
||||||
9% Debentures A/c
Dr. Cr.
|
Date |
Particulars |
Amount (₹) |
Date |
Particulars |
Amount (₹) |
||
| 2016 |
|
2015 |
|
||||
| March 31 | To Debentureholders A/c |
2,00,000 |
April 01 | By Debenture Application & Allotment A/c |
9,50,000 |
||
| March 31 | To balance c/d |
8,00,000 |
April 01 | By Loss on Issue of Debentures A/c |
50,000 |
||
|
10,00,000 |
10,00,000 |
||||||
| 2017 |
|
2016 |
|
||||
| March 31 | To Debentureholders A/c |
5,00,000 |
April 01 | By balance b/d |
8,00,000 |
||
| March 31 | To balance c/d |
3,00,000 |
|
||||
|
8,00,000 |
8,00,000 |
||||||
| 2018 |
|
2017 |
|
||||
| March 31 | To Debentureholders A/c |
3,00,000 |
April 01 | By balance b/d |
3,00,000 |
||
|
3,00,000 |
3,00,000 |
||||||
Premium on Redemption of Debentures A/c
Dr. Cr.
|
Date |
Particulars |
Amount (₹) |
Date |
Particulars |
Amount (₹) |
||
| 2016 |
|
2015 |
|
||||
| March 31 | To Debentureholders A/c |
10,000 |
April 01 | By Loss on Issue of Debentures A/c |
50,000 |
||
| March 31 | To balance c/d |
40,000 |
|
||||
|
50,000 |
50,000 |
||||||
| 2017 |
|
2016 |
|
||||
| March 31 | To Debentureholders A/c |
25,000 |
April 01 | By balance b/d |
40,000 |
||
| March 31 | To balance c/d |
15,000 |
|
||||
|
40,000 |
40,000 |
||||||
| 2018 |
|
2017 |
|
||||
| March 31 | To Debentureholders A/c |
15,000 |
April 01 | By balance b/d |
15,000 |
||
|
15,000 |
15,000 |
||||||
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संबंधित प्रश्न
Long Answer Question
How is ‘Discount on Issue of Debentures’ treated in the books of accounts? How will you deal with the ‘discount in issue of debentures’ when the debentures are to be redeemed in instalments?
Long Answer Question
Explain the different terms for the issue of debentures with reference to their redemption.
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.
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.
Deepak Ltd purchased furniture of ₹ 2,20,000 from M/s. Furniture Mart. 50% of the amount was paid to M/s. Furniture Mart by accepting a bill of exchange and for the balance, the company issued 9% debentures of ₹ 100 each at a premium of 10% in favor of M/s. Furniture Mart.
Pass Journal entries in the books of Deepak Ltd.
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 discount of 10% as purchase consideration.
Record necessary journal entries in the books of Romi 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.
Pass journal entries in the following cases:
(a) A Co.Ltd. issued ₹40,000; 12% Debentures at a premium of 5% redeemable at par.
(b) A Co.Ltd. issued ₹40,000; 12% Debentures at a discount of 10% redeemable at par.
(c) A Co.Ltd. issued ₹40,000; 12% Debentures at par redeemable at 10% premium.
(d) A Co.Ltd. issued ₹40,000; 12% Debentures at a discount of 5% and redeemable at 5% premium.
(e) A Co.Ltd. issued ₹40,000; 12% Debentures at a premium of 10% redeemable at 110%.
Footfall Ltd. issues 10,000 Debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 5% after the expiry of three years.
Pass Journal entries for the issue of these debentures.
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.
Global Ltd. issued 10,000, 8% Debentures of ₹ 100 each redeemable in four equal instalments by draw of lots from the end of 3 years at a premium of ₹ 9.
Pass the Journal entries for writing off the Loss on Issue of Debentures. Also prepare Loss on issue of Debentures Account.
On 1st June, 2017, R Energy Ltd. issued 10,000, 7% Debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 10% at the end of five years. All the debentures were subscribed and allotment was made.
Prepare the Balance Sheet (extract) as at 31st March, 2018.
Debentures which are transferable by mere delivery are ______.
Debenture interest is paid as ______.
The loss on issue of Debentures is written-off from ______.
Which of the following is true with regard to 10% Debentures issued at a discount of 20%?
Interest on Debentures is a charge against ______.
