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प्रश्न
On 1st April, 2021, Bhim Ltd. issued 2,000, 5% Debentures of ₹ 100 each as follows:
| (a) For cash at a discount of 5% | ₹ 80,000 (Nominal) |
| (b) To a vendor for ₹ 60,000 in satisfaction of his claim | ₹ 70,000 (Nominal) |
| (c) To Bankers for a loan of ₹ 40,000 as collateral security | ₹ 50,000 (Nominal) |
The interest on these debentures was to be paid annually on 31st March, every year, by the company.
You are required to calculate interest on these debentures payable by the company on 31st March, 2022.
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उत्तर
Value of debentures on which interest is to be calculated = ₹ 80,000 + ₹ 70,000
= ₹ 1,50,000
Interest on debentures = `₹ 1,50,000 xx 5/100`
= ₹ 7,500
Interest on debentures payable by the company on 31st March, 2022 is ₹ 7,500.
संबंधित प्रश्न
On 1st April, 2014, KK Ltd. invited applications for issuing 5,000 10% debentures of Rs 1,000 each at a discount of 6%. These debentures were repayable at the end of 3rd year at a premium of 10%. Applications for 6,000 debentures were received and the debentures were allotted on pro-rata basis to all the applicants. Excess money received with applications was refunded.
The directors decided to transfer the minimum amount to Debenture Redemption Reserve on 31.3.2016. On 1.4.2016, the company invested the necessary amount in 9% bank fixed deposit as per the provisions of the Companies Act, 2013. Tax was deducted at source by bank on interest @10% p.a.
Pass the necessary journal entries for issue and redemption of debentures. Ignore entries relating to writing off loss on issue of debentures and interest paid on debentures.
On 1-4-2015 PVR Ltd. issued 750, 11% debentures of Rs 1,000 each at a discount of 5%, redeemable at a premium of 10% after three years. Interest on debentures is payable on 30th September and 31st March. PVR Ltd. closes its books on 31st March every year. The rate of tax deducted at source is 10%.
Pass necessary Journal Entries for the issue of debentures and the payment of interest for the year ended 31stMarch, 2016.
Vishesh Ltd. issued 10,000, 10% Debentures of Rs 100 each on 1st April, 2012. The issue was fully subscribed. According to the terms of issue, interest on debentures is payable half-yearly on 30th September and 31st March and tax deducted at source is 10%.
Pass the necessary journal entries related to the debentures interest for the half-yearly ending on 31st March, 2013 and transfer of interest on debentures for the year to Statement of Profit and Loss.
Answer in a sentence only.
What do you mean by ‘Debenture Interest’?
Y. Ltd. issued 2,000, 6% Debentures of Rs 100 each payable as follows: Rs 25 on application; Rs 50 on allotment and Rs 25 on the First and Final call. Record necessary entries in the books of the company.
A. Ltd. issued 10,000, 10% Debentures of Rs 100 each at a premium of 5% payable as follows:
Rs 10 on Application;
Rs 20 along with premium on allotment and balance on First and Final call. The debentures were fully subscribed, and all money was duly received. Record necessary Journal entries. Also, show how the amount will appear in the balance sheet.
T. Ltd. offered 2,00,000, 8% debenture of Rs 500 each on June 30, 2014 at a premium of 10% payable as Rs 200 on application (including premium) and balance on allotment, redeemable at par after 8 years. But application are received for 3,00,000 debentures and the allotment is made on pro-rata basis. All the money due on application and allotment is received. Record necessary entries regarding issue of debentures.
R. Ltd. offered 20,00,000, 10% Debentures of Rs. 200 each at a discount of 7% redeemable at a premium of 8% after 9 years. Record necessary entries in the books of R. Ltd.
M. Ltd. took over assets of Rs. 9,00,00,000 and liabilities of Rs. 70,00,000 of S. Ltd. and issued 8% Debentures of Rs. 100 each. Record necessary entries in the books of M. Ltd.
X. Ltd. issued 15,000, 10% debentures of Rs. 100 each. Give journal entries and the Balance Sheet in each of the following cases:
(i) The debentures are issued at a premium of 10%;
(ii) The debentures are issued at a discount of 5%;
(iii) The debentures are issued as collateral security to the bank against a loan of Rs. 12,00,000; and
(iv) The debentures are issued to a supplier of machinery costing Rs. 13,50,000.
