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प्रश्न
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.
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उत्तर
| Journal Entry | ||||
| Date | Particulars | L.F. | Debit Amount (₹) | Credit Amount (₹) |
| (a) | ||||
| Bank A/c ...Dr. | 42,000 | |||
| To Debenture Application and Allotment A/c | 42,000 | |||
| (Being 400 debentures issued at ₹ 100 at a premium of 5%) | ||||
| Debenture Application A/c ...Dr. | 42,000 | |||
| To 12% Debenture A/c | 40,000 | |||
| To Securities Premium A/c | 2,000 | |||
| (Being 400 debentures issued at a premium of 5% and redeemable at par) | ||||
| (b) | ||||
| Bank A/c ...Dr. | 73,500 | |||
| To Debenture Application A/c | 73,500 | |||
| (Being 700 debentures issued at Rs 100 at a premium of 5%) | ||||
| Debenture Application A/c ...Dr. | 73,500 | |||
| Loss on Issue of Debentures A/c ...Dr. | 7,000 | |||
| To 12% Debenture A/c | 70,000 | |||
| To Securities Premium A/c | 3,500 | |||
| To Premium on Redemption A/c | 7,000 | |||
| (Being 70,000 debentures issued at a premium of 5% and redeemable at Rs 110) | ||||
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’?
Short Answer Question
Name the head under which ‘discount on issue of debentures’ appears in the Balance Sheet of a company.
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 .
X Ltd . issued 12,000; 8% Debentures of ₹ 100 each at a discount of 5% payable as 25% on application;20% on allotment and balance after three months.
Pass Journal entries.
Alka Ltd. issued 5,000, 10% Debentures of ₹ 1,000 each at a discount of 10% redeemable after 5 years. According to the terms of issue, ₹ 500 (after discount of ₹ 50) was payable on application and the balance amount on allotment of debentures. Record necessary entries regarding issue of 10% Debentures.
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.
Fill in the blank.
For recording the issue of debentures as collateral security by a journal entry _______ account is debited.
Discount on issue of debentures is shown under the following head in the Balance Sheet?
The word 'debenture' has been derived from which Latin word (which means to borrow)?
A debenture is a ______.
The loss on issue of Debentures is written-off from ______.
When the debenture of face value of ₹ 100 is issued at ₹ 100 is called, issue off debenture at ______.
Assertion (A): Debentures saves income tax.
Reason (R): Interest on debenture is tax deductible expenditure.
Debenture premium cannot be used to ______.
Pick the odd one out.
Discount on issue of debentures is a ______
A company can issue debentures:
Which of the following is not a source of cash?
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.
